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On the Efficiency of Intergenerational Risk Sharing and Capital Accumulation in an Economy with Land

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Listed:
  • Demange, G.

Abstract

We 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.

Suggested Citation

  • Demange, G., 1998. "On the Efficiency of Intergenerational Risk Sharing and Capital Accumulation in an Economy with Land," DELTA Working Papers 98-21, DELTA (Ecole normale supérieure).
    • Handle: RePEc:del:abcdef:98-21
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    More about this item

    Keywords

    RESOURCE ALLOCATION ; LAND ; DURATION;
    All these keywords.

    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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