IDEAS home Printed from https://ideas.repec.org/a/mhr/jinste/urnsici0932-4569(200409)1603_454ogmaga_2.0.tx_2-z.html
   My bibliography  Save this article

Overlapping Generations Models and Graded Age-Set Societies

Author

Listed:
  • Merwan H. Engineer
  • Linda Welling

Abstract

From Africa through North America to Asia, anthropologists have found societies with formalized age-group systems. In these societies, social and economic relations between individuals are regulated by well-established rules governing transitions through the lifecycle. In this paper we detail the relationship between the classic formulations in Stewart's [1977] Fundamentals of Age-Group Systems and the overlapping generations (OLG) model. We establish that OLG models can accurately represent a large subset of actual age-group societies called graded age-set societies. Thus, an OLG model bears a close resemblance to reality.

Suggested Citation

  • Merwan H. Engineer & Linda Welling, 2004. "Overlapping Generations Models and Graded Age-Set Societies," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 160(3), pages 454-476, September.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200409)160:3_454:ogmaga_2.0.tx_2-z
    as

    Download full text from publisher

    File URL: https://www.mohrsiebeck.com/en/article/overlapping-generations-models-and-graded-age-set-societies-1016280932456041960623
    Download Restriction: Fulltext access is included for subscribers to the printed version.
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Jeremy Greenwood & Nezih Guner & John A. Knowles, 2003. "More on Marriage, Fertility, and the Distribution of Income," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(3), pages 827-862, August.
    2. Brock, W.A., 1990. "Overlapping generations models with money and transactions costs," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 7, pages 263-295, Elsevier.
    3. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, December.
    4. Peter W. Kennedy & Linda Welling, 1997. "Production Externalities and the Efficiency of Parental Childcare Choices," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 822-834, November.
    5. Bernheim, B Douglas & Bagwell, Kyle, 1988. "Is Everything Neutral?," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 308-338, April.
    6. James B. Bullard, 1992. "Samuelson's model of money with n-period lifetimes," Review, Federal Reserve Bank of St. Louis, issue May, pages 67-82.
    7. Gokhale, Jagadeesh & Kotlikoff, Laurence J. & Sefton, James & Weale, Martin, 2001. "Simulating the transmission of wealth inequality via bequests," Journal of Public Economics, Elsevier, vol. 79(1), pages 93-128, January.
    8. Engineer, Merwan & Bernhardt, Dan, 1992. "Endogenous transfer institutions in overlapping generations," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 445-474, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Merwan H. Engineer & Ming Kang & Eric Roth & Linda Welling, 2006. "Overlapping Generations Models of an Age-Group Society: The Rendille of Northern Kenya," 2006 Meeting Papers 248, Society for Economic Dynamics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Merwan Engineer & Linda Welling, 2001. "Overlapping Generations Models of Graded Age-Group Societies: Economics Meets Ethnography," Department Discussion Papers 0102, Department of Economics, University of Victoria.
    2. Xinshen DIAO & Terry L. ROE & A. Erinç YELDAN, 1999. "How Fiscal Mismanagement May Impede Trade Reform: Lessons From An Intertemporal, Multi-Sector General Equilibrium Model For Turkey," The Developing Economies, Institute of Developing Economies, vol. 37(1), pages 59-88, March.
    3. Elmendorf, Douglas W. & Gregory Mankiw, N., 1999. "Government debt," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669, Elsevier.
    4. Engineer, Merwan & Esteban, Joan & Sakovics, Jozsef, 1997. "Costly transfer institutions and the core in an overlapping generations model," Journal of Economic Behavior & Organization, Elsevier, vol. 32(2), pages 287-300, February.
    5. Mehmet Soytas & Limor Golan & George-Levi Gayle, 2014. "What Accounts for the Racial Gap in Time Allocation and Intergenerational Transmission of Human Capital?," 2014 Meeting Papers 83, Society for Economic Dynamics.
    6. Merwan H. Engineer & Ming Kang & Eric Roth & Linda Welling, 2006. "Overlapping Generations Models of an Age-Group Society: The Rendille of Northern Kenya," 2006 Meeting Papers 248, Society for Economic Dynamics.
    7. John Laitner, 2001. "Modeling the Macroeconomic Implications of Social Security Reform," Working Papers wp015, University of Michigan, Michigan Retirement Research Center.
    8. John Laitner, 2001. "Wealth Accumulation in the U.S.: Do Inheritances and Bequests Play a Significant Role?," Working Papers wp019, University of Michigan, Michigan Retirement Research Center.
    9. Christoph Moser & Axel Dreher, 2010. "Do Markets Care about Central Bank Governor Changes? Evidence from Emerging Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(8), pages 1589-1612, December.
    10. Fernando de Holanda Barbosa, 2017. "Hyperinflation: Inflation Tax and Economic Policy Regime," SpringerBriefs in Economics, in: Exploring the Mechanics of Chronic Inflation and Hyperinflation, chapter 0, pages 61-75, Springer.
    11. Ramon Moreno, 2001. "Pegging and stabilization policy in developing countries," Economic Review, Federal Reserve Bank of San Francisco, pages 17-29.
    12. Michelle Sheran Sylvester, 2007. "The Career and Family Choices of Women: A Dynamic Analysis of Labor Force Participation, Schooling, Marriage and Fertility Decisions," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 10(3), pages 367-399, July.
    13. Couharde, Cécile & Delatte, Anne-Laure & Grekou, Carl & Mignon, Valérie & Morvillier, Florian, 2020. "Measuring the Balassa-Samuelson effect: A guidance note on the RPROD database," International Economics, Elsevier, vol. 161(C), pages 237-247.
    14. Eckstein, Zvi & Zilcha, Itzhak, 1994. "The effects of compulsory schooling on growth, income distribution and welfare," Journal of Public Economics, Elsevier, vol. 54(3), pages 339-359, July.
    15. Vitek, Francis, 2006. "Measuring the Stance of Monetary Policy in a Small Open Economy: A Dynamic Stochastic General Equilibrium Approach," MPRA Paper 802, University Library of Munich, Germany.
    16. PAUL CASHIN & C. JOHN McDERMOTT, 1998. "Are Australia's Current Account Deficits Excessive?," The Economic Record, The Economic Society of Australia, vol. 74(227), pages 346-361, December.
    17. Jacques Le Cacheux & Vincent Touzé, 2002. "Les modèles d'équilibre général calculable à générations imbriquées. Enjeux, méthodes et résultats," Revue de l'OFCE, Presses de Sciences-Po, vol. 80(1), pages 87-113.
    18. Shioji, Etsuro, 2006. "Invoicing currency and the optimal basket peg for East Asia: Analysis using a new open economy macroeconomic model," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 569-589, December.
    19. Eden, Benjamin, 2007. "Inefficient trade patterns: Excessive trade, cross-hauling and dumping," Journal of International Economics, Elsevier, vol. 73(1), pages 175-188, September.
    20. Pica Giovanni, 2010. "Capital Markets Integration and Labor Market Institutions," The B.E. Journal of Macroeconomics, De Gruyter, vol. 10(1), pages 1-57, March.

    More about this item

    JEL classification:

    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mhr:jinste:urn:sici:0932-4569(200409)160:3_454:ogmaga_2.0.tx_2-z. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Thomas Wolpert (email available below). General contact details of provider: https://www.mohrsiebeck.com/jite .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.