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Efficiency and prices in economies of overlapping generations

  • Gaetano Bloise

In a general economy of overlapping generations, I introduce a notion of uniform ine±ciency, corresponding to the occurrence of a Pareto improvement with a small uniform destruction of resources (Debreu [11]). I provide necessary and su±cient conditions for uniform ine±ciency in terms of competitive equilibrium prices. Minimal assumptions are needed for such a complete characterization; moreover, proofs reduce to simple and short direct arguments. Finally, I verify that uniform ine±ciency is preserved under perturbations of the endowments, a property that has not been established for the canonical notion of ine±ciency. Remarkably, an allocation is unifo

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Paper provided by Department of Economics - University Roma Tre in its series Departmental Working Papers of Economics - University 'Roma Tre' with number 0072.

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Length: 20
Date of creation: Dec 2007
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Handle: RePEc:rtr:wpaper:0072
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  1. Lawrence M. Benveniste, 1986. "Pricing Optimal Distributions to Overlapping Generations: A Corollary to Efficiency Pricing," Review of Economic Studies, Oxford University Press, vol. 53(2), pages 301-306.
  2. GEANAKOPLOS, John D. & POLEMARCHAKIS, Heraklis M., . "Overlapping generations," CORE Discussion Papers RP 946, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Jonathan L. Burke, 1999. "The robustness of optimal equilibrium among overlapping generations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(2), pages 311-329.
  4. Burke, Jonathan L., 1987. "Inactive transfer policies and efficiency in general overlapping-generations economies," Journal of Mathematical Economics, Elsevier, vol. 16(3), pages 201-222, June.
  5. Balasko, Yves & Cass, David & Shell, Karl, 1980. "Existence of competitive equilibrium in a general overlapping-generations model," Journal of Economic Theory, Elsevier, vol. 23(3), pages 307-322, December.
  6. Benveniste, Lawrence M., 1976. "A complete characterization of efficiency for a general capital accumulation model," Journal of Economic Theory, Elsevier, vol. 12(2), pages 325-337, April.
  7. Molina-Abraldes, Antonio & Pintos-Clapes, Juan, 2003. "A complete characterization of Pareto optimality for general OLG economies," Journal of Economic Theory, Elsevier, vol. 113(2), pages 235-252, December.
  8. Masahiro Okuno & Itzhak Zilcha, 1980. "On the Efficiency of a Competitive Equilibrium in Infinite Horizon Monetary Economies," Review of Economic Studies, Oxford University Press, vol. 47(4), pages 797-807.
  9. Subir Chattopadhyay & Piero Gottardi, 1999. "Stochastic OLG Models, Market Structure, and Optimality," Working Papers 99-12, Brown University, Department of Economics.
  10. Richard, Scott F. & Srivastava, Sanjay, 1988. "Equilibrium in economies with infinitely many consumers and infinitely many commodities," Journal of Mathematical Economics, Elsevier, vol. 17(1), pages 9-21, February.
  11. Balasko, Yves & Shell, Karl, 1980. "The overlapping-generations model, I: The case of pure exchange without money," Journal of Economic Theory, Elsevier, vol. 23(3), pages 281-306, December.
  12. Burke, Jonathan L, 1995. "Existence of a Pareto-Optimal Equilibrium in Nearly-Stationary Overlapping-Generations Economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(2), pages 247-61, March.
  13. Cass, David, 1972. "On capital overaccumulation in the aggregative, neoclassical model of economic growth: A complete characterization," Journal of Economic Theory, Elsevier, vol. 4(2), pages 200-223, April.
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