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Overlapping generations games with growing payoffs

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  • Morooka, Chihiro

Abstract

We model n-person overlapping generations games with growing payoffs, the situation of which is considered as an economic growth. We show that each player can obtain his maximum one-shot payoff in equilibria.

Suggested Citation

  • Morooka, Chihiro, 2021. "Overlapping generations games with growing payoffs," Economics Letters, Elsevier, vol. 207(C).
    • Handle: RePEc:eee:ecolet:v:207:y:2021:i:c:s0165176521002822
    DOI: 10.1016/j.econlet.2021.110005
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    References listed on IDEAS

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    1. Michihiro Kandori, 1992. "Repeated Games Played by Overlapping Generations of Players," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(1), pages 81-92.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    4. Smith, Lones, 1992. "Folk theorems in overlapping generations games," Games and Economic Behavior, Elsevier, vol. 4(3), pages 426-449, July.
    5. Ehud Lehrer & Ady Pauzner, 1999. "Repeated Games with Differential Time Preferences," Econometrica, Econometric Society, vol. 67(2), pages 393-412, March.
    6. Chihiro Morooka, 2021. "Equilibrium payoffs in two-player discounted OLG games," International Journal of Game Theory, Springer;Game Theory Society, vol. 50(4), pages 1021-1032, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Overlapping generations game; Growing economy; Intertemporal trade; Folk theorem; Multidimensional rectangle; Pension scheme;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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