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Comparing Competitive Equilibria with Equilibria of Labor-Managed and Capital-Managed Economies in OLG Models

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Author Info

  • Bertrand Crettez

    (L.I.B.R.E., University of Franche-Comte)

  • Pierre-Andre Jouvet

    (GAINS, Universit¡äe du Maine and GREQAM-Marseille)

Abstract

This paper compares a private ownership (competitive) economy, a labormanaged economy and a capital-managed economy in an overlapping-generations framework. Under standard and rather weak assumptions, the sets of equilibria for the two first economies are identical, in line with a result already shown in a static setting. We also prove that the set of competitive equilibria are included in the set of equilibria of capital-managed economies, but the converse is not true. However, using some smoothness assumptions, we show that an equilibrium of a capital-managed economy may be a competitive equilibrium.

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Bibliographic Info

Article provided by Society for AEF in its journal Annals of Economics and Finance.

Volume (Year): 7 (2006)
Issue (Month): 2 (November)
Pages: 339-355

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Handle: RePEc:cuf:journl:y:2006:v:7:i:2:p:339-355

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Related research

Keywords: OLG models; Economic systems; Labor-management; Capitalmanagement;

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  1. Dreze, Jacques H, 1976. "Some Theory of Labor Management and Participation," Econometrica, Econometric Society, vol. 44(6), pages 1125-39, November.
  2. Meade, James E, 1972. "The Theory of Labour-Managed Firms and of Profit Sharing," Economic Journal, Royal Economic Society, vol. 82(325), pages 402-28, Supplemen.
  3. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
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