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Future Targets and Multiple Equilibria

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Author Info

  • Ashok S Guha

    ()
    (Jawaharlal Nehru University)

  • Brishti Guha

    ()
    (School of Economics and Social Sciences, Singapore Management University)

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    Abstract

    Multiple Pareto-rankable equilibria may obtain in an overlapping generations model where consumers save to reach a fixed target. Existence and uniqueness conditions are discussed. The model displays excess consumption sensitivity to current income and perfect old-age insurance.

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    File URL: https://mercury.smu.edu.sg/rsrchpubupload/5807/futuretargets.pdf
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    Bibliographic Info

    Paper provided by Singapore Management University, School of Economics in its series Working Papers with number 21-2005.

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    Length: 09 pages
    Date of creation: Oct 2005
    Date of revision:
    Publication status: Published in SMU Economics and Statistics Working Paper Series
    Handle: RePEc:siu:wpaper:21-2005

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    Related research

    Keywords: Multiple equilibria; saving; overlapping generations; excess sensitivity.;

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