On the Efficiency of Intergenerational Risk Sharing and Capital Accumulation in an Economy with Land
AbstractWe study efficiency properties of allocations and equilibria in dynamic stochastic economies with finitely lived agents. Efficiency is assessed to the concept of interim optimality which considers the agents' welfare at their birth date in every possible circumstance which may occur at that date. This paper develops sufficient conditions for an allocation to be interim optimal. These conditions are shown to be satisfied at any rational expectations equilirium if productive land is exhanged, thereby extending some well known results in riskless overlapping generations economy.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 98-21.
Length: 18 pages
Date of creation: 1998
Date of revision:
RESOURCE ALLOCATION ; LAND ; DURATION;
Find related papers by JEL classification:
- Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
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