Equilibrium in an overlapping generations model with altruistic preference when markets are frictional. (Q698399)
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scientific article; zbMATH DE number 1802946
| Language | Label | Description | Also known as |
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| English | Equilibrium in an overlapping generations model with altruistic preference when markets are frictional. |
scientific article; zbMATH DE number 1802946 |
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Equilibrium in an overlapping generations model with altruistic preference when markets are frictional. (English)
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2002
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This paper generalizes that of \textit{S. Rao Aiyagari} [J. Econ. Theory 47, 130--152 (1989; Zbl 0684.90013)], taking into account transaction costs. Two theorems are proved, firstly, that an equilibrium is existing. To this purpose a slightly modified version of a theorem of \textit{W. Shafer} and \textit{H. Sonnenschein} [J. Math. Econ. 2, 345--348 (1975; Zbl 0312.90062)] is used. Secondly, strengthening the assumptions, the efficiency of equilibrium is shown. In a big introducing section of the paper the used (OLG-) model is clearly explained.
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OLG model
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altruistic preference
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transaction costs
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pareto optimum
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