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Future Targets and Multiple Equilibria

Author

Listed:
  • Ashok S Guha

    (Jawaharlal Nehru University)

  • Brishti Guha

    (School of Economics and Social Sciences, Singapore Management University)

Abstract

Multiple Pareto-rankable equilibria may obtain in an overlapping generations model where consumers save to reach a fixed target. Existence and uniqueness conditions are discussed. The model displays excess consumption sensitivity to current income and perfect old-age insurance.

Suggested Citation

  • Ashok S Guha & Brishti Guha, 2005. "Future Targets and Multiple Equilibria," Working Papers 21-2005, Singapore Management University, School of Economics.
    • Handle: RePEc:siu:wpaper:21-2005
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    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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