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Overlapping Generations Models of Graded Age-Group Societies: Economics Meets Ethnography

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Abstract

Across much of the world tribal societies are organized into age groups. In these age-group societies, social and economic relations between individuals are regulated by well-established rules governing transitions through the lifecycle. In this paper we detail the relationship between the classic formulations in Stewart's (1977) "Fundamentals of Age-Group Systems" and the overlapping generations (OLG) model. We establish that OLG models can accurately represent a large subset of actual age-group societies called graded age-set societies. Thus, an OLG model bears a close resemblance to reality.

Suggested Citation

  • Merwan Engineer & Linda Welling, 2001. "Overlapping Generations Models of Graded Age-Group Societies: Economics Meets Ethnography," Department Discussion Papers 0102, Department of Economics, University of Victoria.
  • Handle: RePEc:vic:vicddp:0102
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    1. Brock, W.A., 1990. "Overlapping generations models with money and transactions costs," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 7, pages 263-295 Elsevier.
    2. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    3. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 223-247, April.
    4. Engineer, Merwan & Bernhardt, Dan, 1992. "Endogenous transfer institutions in overlapping generations," Journal of Monetary Economics, Elsevier, vol. 29(3), pages 445-474, June.
    5. James B. Bullard, 1992. "Samuelson's model of money with n-period lifetimes," Review, Federal Reserve Bank of St. Louis, issue May, pages 67-82.
    6. Frank Hahn & Robert Solow, 1997. "A Critical Essay on Modern Macroeconomic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026258154x, January.
    7. Engineer, Merwan & Esteban, Joan & Sakovics, Jozsef, 1997. "Costly transfer institutions and the core in an overlapping generations model," Journal of Economic Behavior & Organization, Elsevier, vol. 32(2), pages 287-300, February.
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    More about this item

    Keywords

    age sets; graded age-group systems; lifecycle; overlapping generations model;

    JEL classification:

    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • P00 - Economic Systems - - General - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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