IDEAS home Printed from https://ideas.repec.org/p/gre/wpaper/2016-37.html
   My bibliography  Save this paper

Dynamic Properties and Pareto Efficiency of Equilibria in OLG Models

Author

Listed:
  • Alfredo Medio

    (Université Côte d'Azur, France
    GREDEG CNRS)

Abstract

In this paper, we discuss the problem of Pareto efficiency/inefficiency in a family of two-period, pure exchange model of overlapping generations models (OLG). Making use of a known necessary and sucient condition for efficiency of an intertemporal OLG equilibrium, the so-called "Cass Criterion", we establish a systematic relation between efficiency/inefficiency of equilibria and the dynamical properties of the forward-in-time dynamics characterizing the different types of OLG models belonging to the generalclass considered in the paper. In so doing, we discuss two generally neglected questions, namely: (i) the "backward dynamics" problem arising in OLG models of the Samuelson type; and (ii) for OLG models yielding multiple intertemporal equilibria of different types, the problem of determining which of them are typical or exceptional.

Suggested Citation

  • Alfredo Medio, 2016. "Dynamic Properties and Pareto Efficiency of Equilibria in OLG Models," GREDEG Working Papers 2016-37, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  • Handle: RePEc:gre:wpaper:2016-37
    as

    Download full text from publisher

    File URL: http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2016-37.pdf
    File Function: First version, 2016
    Download Restriction: no

    More about this item

    Keywords

    Overlapping Generations; Pareto-Efficiency; Dynamic Properties;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:gre:wpaper:2016-37. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Patrice Bougette). General contact details of provider: http://edirc.repec.org/data/credcfr.html .

    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.

    We have no references for this item. You can help adding them by using 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.