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Manifolds of golden rule and balanced steady state equilibria

Author

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  • Yves Balasko

    (Department of Econometrics, University of Geneva, 1211 Geneva 4, SWITZERLAND)

  • Christine Lang

    (Department of Econometrics, University of Geneva, 1211 Geneva 4, SWITZERLAND)

Abstract

We show that the set of balanced steady state (resp. golden rule) equilibria, parameterized by endowments, of stationary overlapping-generations economies are smooth manifolds diffeomorphic to Euclidean spaces. These properties extend similar properties of the Walrasian equilibria and enable one to apply the natural projection approach to the study of these equilibria.

Suggested Citation

  • Yves Balasko & Christine Lang, 1998. "Manifolds of golden rule and balanced steady state equilibria," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(2), pages 317-330.
  • Handle: RePEc:spr:joecth:v:11:y:1998:i:2:p:317-330 Note: Received: October 30, 1995; revised version: October 10, 1996
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    References listed on IDEAS

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    1. Wayne Shafer & Hugo Sonnenschein, 1976. "Equilibrium with Externalities," Discussion Papers 145, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-1819, November.
    3. John C. Harsanyi, 1953. "Cardinal Utility in Welfare Economics and in the Theory of Risk-taking," Journal of Political Economy, University of Chicago Press, vol. 61, pages 434-434.
    4. R. G. Lipsey & Kelvin Lancaster, 1956. "The General Theory of Second Best," Review of Economic Studies, Oxford University Press, vol. 24(1), pages 11-32.
    5. McCain, Roger A, 1972. "Distributional Equality and Aggregate Utility: Further Comments," American Economic Review, American Economic Association, pages 497-500.
    6. Michael Mandler, 2000. "Interpersonal comparisons of utility and the policy paralysis problem," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 17(1), pages 95-115.
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    Cited by:

    1. Balasko, Yves, 1999. "Markets for Composite Goods," Journal of Economic Theory, Elsevier, vol. 88(2), pages 310-339, October.
    2. Christian Ghiglino & Marielle Olszak-Duquenne, 2005. "On The Impact Of Heterogeneity On Indeterminacy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(1), pages 171-188, February.

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