Why is the optimal value of gamma not equal to some, Econometrics

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Why is the optimal value of gamma not equal to some

Consider the formulation of competition policy in Section 13.1.6.

(a) Characterize the equilibrium fully.

(b) Write down the welfare of the representative household at time t = 0 in this equilibrium.

(d) Why is the optimal value of γ not equal to some γ∗ ≥ 1/(1- β)? Provide an interpretation in terms of the trade-off between level and growth effects.

(e) What is the relationship between the optimal value of γ and ρ?

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