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Overlapping Families of Infinitely-Lived Agents


  • Philippe Weil

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)


This paper develops a model in which new and infinitely-linked dynasties, which are, by definition, not linked to pre-existing families through operative intergenerational transfers, continuously enter the economy over time. This model of infinitely-lived families possesses most of the properties characteristic of standard overlapping generation frameworks: competitive equilibria can be inefficient, bubbles may exist, and Ricardian neutrality does not in general hold. Contrary to a widespread but erroneous belief, the terms ‘infinite horizon model' and ‘representative agent model' are, therefore, not interchangeable.

Suggested Citation

  • Philippe Weil, 1989. "Overlapping Families of Infinitely-Lived Agents," Post-Print hal-03393291, HAL.
  • Handle: RePEc:hal:journl:hal-03393291
    DOI: 10.1016/0047-2727(89)90024-8

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