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- Stochastic Olg Models, Market Structure And Optimality

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Author Info
Piero Gottardi (Yale University)
Subir Chattopadhyay (Universidad de Alicante)

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Abstract

For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficency properties of competitive equilibria when markets are only sequentially complete and the criterion of efficency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially complete and provide a characterization when the criterion of efficency is weakened to ex post Pareto optimality.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1999-15.pdf
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File Function: Fisrt version / Primera version, 1999
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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1999-15.

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Length: 40 pages
Date of creation: Sep 1999
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1999-15

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Keywords: Stochastic Overlapping Generations Models; Pareto Optimality;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rao Aiyagari, S. & Peled, Dan, 1991. "Dominant root characterization of Pareto optimality and the existence of optimal equilibria in stochastic overlapping generations models," Journal of Economic Theory, Elsevier, vol. 54(1), pages 69-83, June. [Downloadable!] (restricted)
  2. Benveniste, Lawrence M., 1976. "A complete characterization of efficiency for a general capital accumulation model," Journal of Economic Theory, Elsevier, vol. 12(2), pages 325-337, April. [Downloadable!] (restricted)
  3. Zilcha, Itzhak, 1991. "Characterizing efficiency in stochastic overlapping generations models," Journal of Economic Theory, Elsevier, vol. 55(1), pages 1-16, October. [Downloadable!] (restricted)
  4. Burke, Jonathan L., 1987. "Inactive transfer policies and efficiency in general overlapping-generations economies," Journal of Mathematical Economics, Elsevier, vol. 16(3), pages 201-222, June. [Downloadable!] (restricted)
  5. Balasko, Yves & Shell, Karl, 1980. "The overlapping-generations model, I: The case of pure exchange without money," Journal of Economic Theory, Elsevier, vol. 23(3), pages 281-306, December. [Downloadable!] (restricted)
  6. Cass, David, 1972. "On capital overaccumulation in the aggregative, neoclassical model of economic growth: A complete characterization," Journal of Economic Theory, Elsevier, vol. 4(2), pages 200-223, April. [Downloadable!] (restricted)
  7. Spear, Stephen E., 1985. "Rational expectations in the overlapping generations model," Journal of Economic Theory, Elsevier, vol. 35(2), pages 251-275, August. [Downloadable!] (restricted)
  8. Cass, David & Green, Richard C & Spear, Stephen E, 1992. "Stationary Equilibria with Incomplete Markets and Overlapping Generations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 33(3), pages 495-512, August. [Downloadable!] (restricted)
  9. Manuelli, Rodolfo, 1990. "Existence and optimality of currency equilibrium in stochastic overlapping generations models: The pure endowment case," Journal of Economic Theory, Elsevier, vol. 51(2), pages 268-294, August. [Downloadable!] (restricted)
  10. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April. [Downloadable!] (restricted)
  11. Dutta, Jayasri & Polemarchakis, Herakles, 1990. "Asset Markets and Equilibrium Processes," Review of Economic Studies, Blackwell Publishing, vol. 57(2), pages 229-54, April. [Downloadable!] (restricted)
  12. Okuno, Masahiro & Zilcha, Itzhak, 1980. "On the Efficiency of a Competitive Equilibrium in Infinite Horizon Monetary Economies," Review of Economic Studies, Blackwell Publishing, vol. 47(4), pages 797-807, July. [Downloadable!] (restricted)
  13. Peled, Dan, 1982. "Informational diversity over time and the optimality of monetary equilibria," Journal of Economic Theory, Elsevier, vol. 28(2), pages 255-274, December. [Downloadable!] (restricted)
  14. Gottardi, Piero, 1996. "Stationary Monetary Equilibria in Overlapping Generations Models with Incomplete Markets," Journal of Economic Theory, Elsevier, vol. 71(1), pages 75-89, October. [Downloadable!] (restricted)
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  1. repec:bep:macadv:v:1:y:2001:i:advances/1/2:p:1031-1031 is not listed on IDEAS
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  2. Dirk Krueger & Felix Kubler, 2002. "Intergenerational Risk-Sharing via Social Security when Financial Markets Are Incomplete," American Economic Review, American Economic Association, vol. 92(2), pages 407-410, May. [Downloadable!]
  3. Guido Cazzavillan & Patrick Pintus, 2006. "Endogenous Business Cycles and Dynamic Inefficiency," Working Papers 2006_37, University of Venice "Ca' Foscari", Department of Economics. [Downloadable!]
    Other versions:
  4. J. Ignacio Conde-Ruiz & Eduardo L. Giménez & Mikel Pérez-Nievas, . "Millian Efficiency with Endogenous Fertility," Working Papers 2004-13, FEDEA. [Downloadable!]
  5. Piero Gottardi & Felix Kubler, 2009. "Social Security and Risk Sharing," Economics Working Papers ECO2009/12, European University Institute. [Downloadable!]
    Other versions:
  6. Gaetano Bloise, 2007. "Efficiency and prices in economies of overlapping generations," Departmental Working Papers of Economics - University 'Roma Tre' 0072, Department of Economics - University Roma Tre. [Downloadable!]
    Other versions:
  7. Barbie, Martin & Hagedorn, Marcus & Kaul, Ashok, 2001. "Government Debt as Insurance against Macroeconomic Risk," IZA Discussion Papers 412, Institute for the Study of Labor (IZA). [Downloadable!]
  8. Espen Henriksen & Steve Spear, 2006. "Dynamic Suboptimality of Competitive Equilibrium in Multiperiod Overlapping Generations Economies," Computing in Economics and Finance 2006 223, Society for Computational Economics. [Downloadable!]
    Other versions:
  9. Gaetano Bloise & Filippo L. Calciano, . "A Note On The Characterization Of Inefficiency In Stochastic Overlapping Generations Economies," Departmental Working Papers of Economics - University 'Roma Tre' 0083, Department of Economics - University Roma Tre. [Downloadable!]
  10. Herings,P. Jean-Jacques & Rohde,Kirsten I.M., 2004. "On the Completeness of Complete Markets," Research Memoranda 053, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
    Other versions:
  11. Shurojit Chatterji & Subir Chattopadhyay, 2005. "Functional Sunspot Equilibria," Working Papers. Serie AD 2005-39, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  12. Barbie, Martin & Hagedorn, Marcus & Kaul, Ashok, 2000. "Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security," IZA Discussion Papers 209, Institute for the Study of Labor (IZA). [Downloadable!]
  13. Subir Chattopadhyay, 2000. "The Unit Root Property And Optimality: A Simple Proof," Working Papers. Serie AD 2000-31, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  14. Demange, Gabrielle, 2005. "On Sustainable Pay-As-You-Go Systems," CEPR Discussion Papers 4966, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  15. Subir Chattopadhyay, 2001. "Long-Lived Assets, Incomplete Markets, And Optimality," Working Papers. Serie AD 2001-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  16. Martin Barbie & Marcus Hagedorn & Ashok Kaul, 2000. "mic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security," Bonn Econ Discussion Papers bgse8_2000, University of Bonn, Germany, revised Jun 2000. [Downloadable!]
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