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Dynamic Properties and Pareto Efficiency of Equilibria in OLG Models

Author

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  • 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), Université Côte d'Azur, France.
    • Handle: RePEc:gre:wpaper:2016-37
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    File URL: http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2016-37.pdf
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    More about this item

    Keywords

    Overlapping Generations; Pareto-Efficiency; Dynamic Properties;
    All these keywords.

    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

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