Overlapping Generations Model with Incomplete Markets: The Numeraire Case II
AbstractThis paper deals with the existence of equilibrium in a non-classical Overlapping Generations Model with incomplete markets and one-period numeraire assets. The stochastic structure of the model is given by an infinite event-tree in which each node has a finite number of immediate successors. The peculiarity of this Overlapping Generations Model consists of the eventual presence of infinitely lived agents. To rule out Ponzi schemes, we impose debt constraints, due to Levine-Zame , to the infinitely lived agents.
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Bibliographic InfoArticle provided by ENSAE in its journal Annals of Economics and Statistics.
Volume (Year): (2006)
Issue (Month): 81 ()
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