A Stochastic Overlapping Generations Economy with Inheritance
An overlapping generations model of an exchange economy is considered, with individuals having a finite expected life-span. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of stationary Markov equilibrium is established in some generality, and several explicitly solvable examples are treated in detail.
|Date of creation:||Jun 2000|
|Date of revision:|
|Publication status:||Published in Journal of Economics (2002), 77(3): 207-240|
|Note:||CFP 1049. Length 26 pages|
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|Order Information:|| Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA|
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Cowles Foundation Discussion Papers
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