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Equity and Efficiency in Overlapping Generations Economies

In: Intergenerational Equity and Sustainability

Author

Listed:
  • Tomoichi Shinotsuka
  • Koichi Suga
  • Kotaro Suzumura
  • Koichi Tadenuma

Abstract

This chapter studies equity and efficiency of allocations in the overlapping generations economy formulated by Samuelson (1958). A central notion of distributional equity is no-envy (Foley, 1967; Kolm, 1972): no person prefers the consumption of any other person to his/her own. Suzumura (2002) proposed three distinct notions of equity based on no-envy in overlapping generations economies. The first one concerns contemporary (overlapping) consumptions in each time period. It requires that for each period, no person should prefer the consumption of any other person in that period to his/her own. In contrast, the second notion is about lifetime consumption plans. It stipulates that no person should prefer the lifetime consumption plan of any other person to his/her own. The third notion is based on the lifetime rate of return due to Cass and Yaari (1966). It simply requires an equal lifetime rate of return for all persons.

Suggested Citation

  • Tomoichi Shinotsuka & Koichi Suga & Kotaro Suzumura & Koichi Tadenuma, 2007. "Equity and Efficiency in Overlapping Generations Economies," International Economic Association Series, in: John Roemer & Kotaro Suzumura (ed.), Intergenerational Equity and Sustainability, chapter 2, pages 20-35, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-23676-9_2
    DOI: 10.1057/9780230236769_2
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    Cited by:

    1. Helmuts Āzacis, 2020. "Repeated implementation with overlapping generations of agents," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 55(2), pages 275-299, August.
    2. Tanguy Isaac & Paolo Piacquadio, 2015. "Equity and efficiency in an overlapping generation model," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 44(3), pages 549-565, March.

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