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Overlapping Generations Models and Graded Age-Set Societies


  • Merwan H. Engineer
  • Linda Welling


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 454-454, September.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200409)160:3_454:ogmaga_2.0.tx_2-z

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    References listed on IDEAS

    1. 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.
    2. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, January.
    3. 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.
    4. Bernheim, B Douglas & Bagwell, Kyle, 1988. "Is Everything Neutral?," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 308-338, April.
    5. 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.
    6. 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.
    7. Engineer, Merwan & Bernhardt, Dan, 1992. "Endogenous transfer institutions in overlapping generations," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 445-474, June.
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    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.

    More about this item

    JEL classification:

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


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