Dominant root characterization of Pareto optimality and the existence of optimal equilibria in stochastic overlapping generations models
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Publication:1178810
DOI10.1016/0022-0531(91)90105-DzbMath0743.90022OpenAlexW2038334611MaRDI QIDQ1178810
Publication date: 26 June 1992
Published in: Journal of Economic Theory (Search for Journal in Brave)
Full work available at URL: https://doi.org/10.1016/0022-0531(91)90105-d
Pareto optimalityequilibrium allocationinterior stationary allocations in single-good overlapping generationsstochastic aggregate shocks
Related Items (19)
Dividend paying assets, the unit root property, and suboptimality ⋮ Efficiency and optimality in stochastic models with production ⋮ Intrinsic bubbles and asset price volatility ⋮ Functional sunspot equilibria ⋮ Optimality in an OLG model with nonsmooth preferences ⋮ Bubble economics ⋮ Endogenous market incompleteness without market frictions: dynamic suboptimality of competitive equilibrium in multiperiod overlapping generations economies ⋮ Asset prices, debt constraints and inefficiency ⋮ Stochastic OLG models, market structure, and optimality ⋮ Characterizing efficiency in stochastic overlapping generations models ⋮ Optimism, pessimism and financial bubbles ⋮ A characterization of inefficiency in stochastic overlapping generations economies ⋮ Social security and risk sharing ⋮ The unit root property and optimality: A simple proof ⋮ The unit root property and optimality with a continuum of states -- pure exchange ⋮ Special issue: Supermodularity and monotone methods in economics ⋮ Bubbly Markov equilibria ⋮ Asset shortages, liquidity and speculative bubbles ⋮ Monetary equilibria and Knightian uncertainty
Cites Work
- Self-fulfilling prophecies
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- The overlapping-generations model. I: The case of pure exchange without money
- The overlapping-generations model. II. The case of pure exchange with money
- Informational diversity over time and optimality of monetary equilibria
- Existence and optimality of currency equilibrium in stochastic overlapping generations models: The pure endowment case
- Conditional Pareto optimality of stationary equilibrium in a stochastic overlapping generations model
- Pricing Optimal Distributions to Overlapping Generations: A Corollary to Efficiency Pricing
- On the Efficiency of a Competitive Equilibrium in Infinite Horizon Monetary Economies
- Stationary Markov Equilibria
- Existence of an Equilibrium for a Competitive Economy
- Equilibrium in dynamic models with an infinity of agents
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