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The Bounded Core of an Overlapping Generations Economy

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  • Chae, Suchan
  • Esteban, Joan

Abstract

The bounded core is the set of allocations that are not improved upon by any bounded set of agents. The authors submit that the bounded core does not serve as a criterion for the efficiency of allocations in an overlapping generations economy, for it may include allocations that are not even short-run Pareto optimal. They also submit that the bounded core is a weak criterion for the robustness of allocations in an overlapping generations economy, for it may not shrink to the set of competitive equilibrium allocations as the individual agents become negligible. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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  • Chae, Suchan & Esteban, Joan, 1989. "The Bounded Core of an Overlapping Generations Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(3), pages 519-525, August.
    • Handle: RePEc:ier:iecrev:v:30:y:1989:i:3:p:519-25
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