Finite Lifetimes and Growth

By Larry JonesRodolfo Manuelli

1990| Working Paper No. 1092

Abstract not available.

The Experience
- Overview of The Experience
- About Us
  - Overview of Stanford GSB
  - COVID-19 Information
    - Overview of COVID-19 Information
    - Virtual Meeting Backgrounds
  - The Leadership
    - Overview of The Leadership
    - Updates
    - Advisory Council
      - Overview of Advisory Council
      - Members
  - Centers & Institutes
    - Overview of Centers & Institutes
    - Center for Entrepreneurial Studies
      - Overview of Center for Entrepreneurial Studies
      - Research
        
        Overview of Research
        
        Affiliated Faculty
        
        Search Funds
        
        Overview of Search Funds
        
        Search Fund Primer
      - Teaching & Curriculum
      - Faculty & Staff
        
        Overview of Faculty & Staff
        
        Faculty Advisors
      - Contact
        
        View Contact Information
        
        Louis W. Foster Resource Center
    - Center for Social Innovation
      - Overview of Center for Social Innovation
      - Defining Social Innovation
      - Impact Compass
      - Global Health Innovation Insights
      - Faculty & Staff
        
        Faculty Affiliates
      - Contact
  - School Profile
  - Our Alumni
- School News & History
  - Overview of School News & History
  - Our History
  - Commencement
    - Overview of Commencement
    - Dean’s Remarks
    - Keynote Address
    - Student Remarks
    - Candidates
    - Certificate & Award Recipients
      - Overview of Certificate & Award Recipients
      - Past Recipients
- Diversity, Equity & Inclusion
  - Taking a Stand Against Racism
    - Overview of How We are Taking a Stand Against Racism
    - Action Plan for Racial Equity
      - Update: Jun 2021
      - Update: Feb 2021
    - Our Pledge
    - Alumni Perspectives
  - Community
  - Research & Insights
  - Teaching
  - Annual DEI Report
  - Share Your Thoughts
- Learning at Stanford GSB
  - Overview of Learning at Stanford GSB
  - Faculty
    - Overview of Faculty
    - Teaching Approach
      - Real-Time Analysis and Investment Lab
        
        Overview of Real-time Analysis and Investment Lab (RAIL)
        
        Lab Features
        
        Curricular Integration
        
        Faculty
        
        Contact
  - Guest Speakers
    - Overview of Guest Speakers
    - View From The Top
  - Entrepreneurship
    - Overview of Entrepreneurship
    - Entrepreneurship Courses
    - Beyond the Classroom
    - The Five Lenses of Entrepreneurship
  - Leadership
    - Overview of Leadership
    - Leadership Labs
    - Executive Challenge
    - Arbuckle Leadership Fellows Program
    - Interpersonal Dynamics
      - Overview of Interpersonal Dynamics
      - Facilitation Training Program
        
        Overview of Facilitation Training Program
        
        2022-23 Program
        
        Overview of 2020-21 Program
        
        Selection Process
        
        Training Schedule
        
        Time Commitment
        
        Learning Expectations
        
        Post-Training Opportunities
        
        Faculty
        
        Who Should Apply
        
        Introductory T-Groups
        
        Contact
  - Social Innovation
    - Overview of Social Innovation
    - Curriculum
    - Certificate
    - Fellowships
      - Overview of Fellowships
      - Frances & Arjay Miller Prize
      - Impact Design Immersion Fellowship
        
        Overview of the Impact Design Immersion Fellowship
        
        2021 Awardees
        
        2020 Awardees
        
        2019 Awardees
        
        2018 Awardees
      - Impact Leadership Fellowship
      - Social Innovation Fellowship
      - Social Management Immersion Fellowship
    - Experiential Learning
    - Student Clubs
    - Alumni Social Innovators
  - Communication
- Life at Stanford GSB
  - Overview of Life at Stanford GSB
  - Collaborative Environment
  - Activities & Organizations
  - Student Services
  - Housing Options
    - Overview of Housing Options
    - Stanford GSB Residences
  - International Students
  - Our Campus
  - California & the Bay Area
- Voices of Stanford GSB
The Programs
- MBA Program
  - Overview of the Stanford MBA Program
  - Why Stanford MBA
  - Academic Experience
    - Overview of the Academic Experience
    - Curriculum
    - Global Experiences
    - Faculty
    - Joint & Dual Degrees
    - Academic Calendar
  - Student Life & Community
    - Overview of Student Life
    - Clubs & Activities
    - Diversity
    - Student Support
    - Residential Life
    - Student Voices
    - Alumni Community
      - Overview of Alumni Community
      - MBA Alumni Voices
    - A Week in the Life
  - Career Impact
  - Tuition & Financial Aid
  - Admission
    - Overview of Admission
    - Evaluation Criteria
    - Deadlines
    - Application
      - Overview of Application
      - Education
      - Test Scores
        
        GMAT & GRE
        
        English Language Proficiency
      - Personal Information, Activities & Awards
      - Professional Experience
      - Letters of Reference
        
        Overview of Letters of Reference
      - Essays
      - Optional Short Answer Questions
      - Application Fee
      - Reapplication
    - Interviews
    - Deferred Enrollment
    - Joint & Dual Degrees
    - Entering Class Profile
    - Admission Events
      - See All Types of Events
      - Event Schedule
  - New & Noteworthy
  - Contact
    - View Contact Information
    - Ask a Question
- MSx Program
  - Overview of the Stanford MSx Program
  - Why Stanford MSx
    - See Why Stanford MSx
    - Is MSx Right for You?
    - Career Impact
      - See Career Impact
      - Career Support
    - Current Students
      - See the Current Students
      - Prior-Year Students
    - Alumni Voices
  - Curriculum
  - Admission
    - Overview of Admission
    - Admission Events
    - Evaluation Criteria
    - Application Requirements
      - Overview of the Application Requirements
      - Personal Information
      - Professional Experience
        
        Reference Letters
        
        Overview of Reference Letters
        
        Information for Recommenders
      - Graduate Tests
        
        Overview of Graduate Tests
        
        GMAT, GRE & EA
        
        English Proficiency Tests
      - Essays
    - Interviews
    - After You’re Admitted
  - Student & Family Life
    - Overview of Student & Family Life
    - Student Life
    - Partner Life
    - Housing
    - Daycare, Schools & Camps
  - Tuition & Financial Aid
  - Contact
- PhD Program
  - Overview of the PhD Program
  - Fields of Study
    - Overview of Our Fields of Study
    - Accounting
      - Overview of Accounting
      - Requirements
    - Economic Analysis & Policy
      - Overview of Economic Analysis & Policy
      - Requirements
    - Finance
      - Overview of Finance
      - Requirements
    - Marketing
    - Operations, Information & Technology
      - Overview of Operations, Information & Technology
      - Requirements
    - Organizational Behavior
    - Political Economics
      - Overview of Political Economics
      - Requirements
  - Academic Experience
    - Overview of the Academic Experience
    - Degree Requirements
    - Faculty
    - Current Students
    - Research Resources
  - Admission
    - Overview of Admission
    - What We Look For
      - Overview of What We Look For
      - Entering Class Profile
    - Application Materials
    - Deadline & Decisions
    - Admission Events
      - All Admission Events
      - IDDEAS
  - Financial Aid
  - Student Life
    - Overview of Student Life
    - Voices
  - Placement
  - Contact the PhD Program
    - View Contact Information
    - Stay in Touch
- Research Fellows Program
  - Overview of Research Fellows
  - Research Community
  - Academic Experience
    - Overview of Academic Experience
    - Standard Track
    - Dedicated Track
      - Overview of Dedicated Track
      - Projects
  - Fellowship & Benefits
  - Admission
    - Overview of Admission
    - International Applicants
  - Contact
Executive Education
- Overview of Executive Education
- Programs
- Programs for Organizations
  - Custom Programs
    - Program Formats
    - Developing a Program
  - Catalyst Online Programs
  - Contact Client Services
- The Difference
  - Academic Experience
    - Faculty
  - Campus Experience
    - Executive Dining
    - Executive Residences
  - Live Online Experience
  - Silicon Valley & Bay Area
  - Lifelong Connections
  - Voices
- Admission
  - Eligibility
  - International Participants
  - Application Process
  - Payment & Cancellation
    - Discounts
  - COVID-19 Update
- Contact
Faculty & Research
- Overview of Faculty & Research
- Faculty
  - All Faculty Profiles
  - Academic Areas
  - Awards & Honors
  - Seminars
  - Conferences
    - Overview of Conferences
    - Accounting Summer Camp
    - Big-Data Initiative in Intl. Macro-Finance
    - Rising Scholars Conference
      - Agenda
      - Presentations
  - Voices
- Publications
- Books
- Working Papers
- Case Studies
- Research Labs & Initiatives
  - Overview of Centers & Research Initiatives
  - Cities, Housing & Society Lab
  - Computational Marketing Lab
    - Faculty & Researchers
    - Research
      - Focus Areas
    - Contact
  - Corporate Governance Research Initiative
  - Corporations and Society Initiative
  - Energy Business Innovations
  - Golub Capital Social Impact Lab
    - Overview of Corporate Governance Research Initiative
    - Who We Are
      - Researchers & Students
      - Funders
    - Our Research
      - Research Approach
      - Publications
      - Domain Areas
        
        Charitable Giving
        
        Education
        
        Financial Health
        
        Government Services
        
        Health
        
        Worker Training
      - Methods
        
        AI & Machine Learning
        
        Short Course
        
        Adaptive & Iterative Experimentation
        
        Incentive Design
        
        Social Sciences & Behavioral Nudges
    - Events
    - Get Involved
    - Contact
  - Policy and Innovation Initiative
  - Stanford Latino Entrepreneurship Initiative
    - Overview of Stanford Latino Entrepreneurship Initiative
    - Subscribe
  - Value Chain Innovation Initiative
    - Overview of Value Chain Innovation Initiative
    - Research
    - Faculty & Staff
    - Events
    - Contact
      - View Contact Information
      - Subscribe
  - Venture Capital Initiative
    - Overview of Venture Capital Initiative
    - Contact the Venture Capital Initiative
- Behavioral Lab
  - Overview of Behavioral Lab
  - Conduct Research
  - Participate in a Study
  - Faculty
  - Publications
  - Lab Staff
  - Contact
- Data, Analytics, and Research Computing
Stanford Seed
- About Seed
- Location Information
- Seed Transformation Program
- Get Involved
  - Overview of Getting Involved
  - Coach
  - Consult
    - Overview of Consulting
    - How to Apply
  - Intern
  - Collaborate
  - Give
- Discover Impact
  - Overview of Impact
  - Stories
  - Studies
    - Overview of Research
    - Research Library
- News & Insights
  - Overview of News & Insights
- Seed Transformation Network
- Program Contacts
Library
- Overview of the Library
- Research Resources
- Research Support
- Services
  - Overview of Services
  - Research Data Services
  - Course Support
    - Course Reserves
      - Request Form
    - Course Research Guides
  - Borrow, Renew, Return
  - Print, Scan, Copy
  - MBA & MSx Students
  - PhD Students
  - Other Stanford Students
  - Faculty
    - Overview of Faculty
    - Conference & Event Support
  - Faculty Assistants
  - Research Assistants
  - Stanford GSB Alumni
  - Visitors & Stanford Alumni
- Stanford GSB Archive
  - Overview of the Stanford GSB Archive
  - Telling Our Story
- About Us
  - Overview about Us
  - Staff Directory
  - Hours
  - Library Spaces
    - Overview of Library Spaces
    - By Floor
  - Visit
  - History
Alumni
- Alumni Site Help
- Communities
  - Overview of Communities
  - The Alumni Network
    - Overview of The Alumni Network
    - Groups & Discussion Boards
      - Overview of Groups & Discussion Boards
  - Women’s Programs
    - Overview of Women’s Programs
    - Women’s Circles
    - Stanford Women on Boards Initiative
    - Alumnae Spotlights
    - Insights & Research
  - Regional Chapters
  - Diversity Chapters
  - Interest Groups
    - Entrepreneurial Commitment Group
  - Recent Alumni
- News
  - All Alumni News
  - COVID-19 Update
    - Helping During the Crisis
    - Update to Alumni: April 02, 2020
  - Class Notes
  - Alumni Voices
  - Books
- Reunions
  - Overview of Reunions
  - Alumni Week
  - Half-Century Club
  - Plan Your Visit
  - Reunion Highlights
- Featured Events
- Career Resources
  - Overview of Career Resources
  - COVID-19 Job Search Strategies
  - Job Search Resources
    - All Job Search Resources
    - Career Coaching
      - Overview of Career Coaching
      - Long-Term Career & Executive Coaches
        
        Overview of Long-Term Career & Executive Coaches
        
        Robbie Kellman Baxter
        
        Whitney Birdwell
        
        Carla de Cervantes
        
        Margaret Chan
        
        Jennifer Davis
        
        Jill Fahlgren
        
        Ricki Frankel
        
        Jean Fuller
        
        Cindy W. Greig
        
        Natalie Guillen
        
        Laurel Holman
        
        Lili Pratt King
        
        Sloan Klein
        
        C.A. Kryder
        
        Sherri Appel Lassila
        
        Pam Lassiter
        
        Agnes Le
        
        Kathy McConnell
        
        Stuart Meyer
        
        Tanisha Parrish
        
        Philippe Taieb
        
        Terra Winston
        
        Johanna Wise
        
        Debbie Wolter
        
        Jung Yoo
        
        Rebecca Zucker
      - Complimentary Coaching
    - Executive Recruiters
    - Interviewing
    - Job Boards
    - LinkedIn
    - Negotiating
    - Networking
    - Resumes & Cover Letters
      - Overview of Resumes & Cover Letters
    - Self-Assessment
  - Career & Life Transitions
  - Programs
  - Career Video Library
  - Contact
- Alumni Education
  - Overview of Alumni Education
  - Research Resources
    - Overview of Research Resources
    - Library Databases
- Volunteering
  - Overview of Volunteering
  - Academics & Student Life
    - Overview of Academics & Student Life
    - Student Clubs
      - Overview of Student Clubs
      - Alumni-Student Dinners
    - Entrepreneurial Students
  - Admissions
  - Advisory Boards
  - Alumni Community
  - Alumni Consulting Team Volunteers
    - Overview of Alumni Consulting Team Volunteers
    - Volunteering Opportunities
      - Overview of Volunteering Opportunities
      - How to Volunteer
      - About ACT Projects
      - ACT Volunteers by Class Year
        
        Overview of ACT Volunteers by Class Year
        
        2020 – 2029
        
        2010 – 2019
        
        2000 – 2009
        
        1990 – 1999
        
        1980 – 1989
        
        1970 – 1979
        
        1960 – 1969
        
        1950 – 1959
        
        1940 – 1949
    - Projects
      - Overview of ACT Projects
      - Service Areas
    - Stories & History
    - Leadership
    - Contact ACT
  - Business & Nonprofit Communities
  - Reunion Volunteers
- Giving
  - Overview of Giving
  - Impact of Giving
  - Business School Fund
  - Planned Giving
  - Strategic Initiatives
  - Donor Recognition
    - Overview of Donor Recognition
    - Giving News & Stories
  - How to Make a Gift
    - Overview of How to Make a Gift
    - Giving Deadlines
  - Contact the Development Office
    - View Contact Information
    - Development Staff
- Contact
  - View Contact Information
  - Staff Directory
  - Submit Class Notes
  - Class Secretaries
  - Stanford GSB Alumni Association
Insights
Newsroom
- Overview of the Newsroom
- For Journalists
- School News
- In the Media
  - COVID-19 Analysis
- Contact
Events
Companies, Organizations, & Recruiters
- Overview of Companies, Organizations, & Recruiters
- Recruit Stanford GSB Talent
  - Overview of Recruiting Stanford GSB Talent
  - Post Jobs
  - Interview Candidates
  - Host Events
  - Search for Candidates
  - Strategies & Resources
  - Contact
- Leverage Stanford GSB Expertise
  - Overview of Leveraging Stanford GSB Talent
  - Internships & Experiential Programs
  - Alumni Consulting Team for Nonprofits
    - Overview of Alumni Consulting Team for Nonprofits
    - Services
    - Clients
    - Working with ACT
    - Contact ACT
      - View Contact Information
      - ACT Leadership
  - Social Innovation & Nonprofit Management Resources
- Develop Your Organization’s Talent
- Invest in Stanford GSB
Stanford Community Resources
- Non-GSB Registration
  - Home
  - Stanford Students
    - Exams
    - Forms
    - Grades
  - DCI Fellows
  - Other Auditors
  - Academic Calendar & Deadlines
  - Attendance
  - Course Materials
  - Frequently Asked Questions
- Overview of Stanford Community
- Entrepreneurial Resources
  - Overview of Entrepreneurial Resources
- Plan an Event
Jobs
- Overview of Jobs
- Faculty Recruiting
Visit Us
Contact Us
Contact
- Contact