Overlapping Generations Economies and Symmetrical Economies under Extrinsic Uncertainty
AbstractThe stationary structure of the simple overlapping generations economies is used to try to extend to the case with extrinsic uncertainty the characterizations of their stationary equilibria by means of symmetrical multiple equilibria of a related exchange economy in which the representative agent faces his mirror image. It is proved in this article that, although such a characterization exists in the deterministic case as was shown in Balasko-Ghiglino (1997) and Tuinstra-Wddepohl (1997), it cannot be robustly extended to economies with extrinsic uncertainty.
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Bibliographic InfoPaper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 416.98.
Length: 10 pages
Date of creation: 1998
Date of revision:
UNCERTAINTY ; GENERATIONS ; ASYMETRIC INFORMATION;
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