Characterizing efficiency in stochastic overlapping generations models

DOI10.1016/0022-0531(91)90056-AzbMath0743.90034OpenAlexW2030008985MaRDI QIDQ1181220

Itzhak Zilcha

Publication date: 27 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)90056-a

zbMATH Keywords

cyclical monotonicityefficient allocationsstochastic overlapping generations modelsuncertainty about production

Mathematics Subject Classification ID

Economic growth models (91B62) Stochastic systems in control theory (general) (93E03)

Related Items (9)

Efficiency and optimality in stochastic models with production ⋮ Intrinsic bubbles and asset price volatility ⋮ Intergenerational transfers: public education and pensions with endogenous fertility ⋮ On the optimal size of social security in the presence of a stock market ⋮ Stochastic OLG models, market structure, and optimality ⋮ Optimism, pessimism and financial bubbles ⋮ The unit root property and optimality: A simple proof ⋮ The unit root property and optimality with a continuum of states -- pure exchange ⋮ The Zilcha criteria for dynamic inefficiency reconsidered

Cites Work

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• Dynamic efficiency in overlapping generations models with stochastic production
• The overlapping-generations model. II. The case of pure exchange with money
• Informational diversity over time and optimality of monetary equilibria
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• An extension of Cass' characterization of infinite efficient production programs
• Efficient random variables
• The role of money in supporting the Pareto optimality of competitive equilibrium in consumption-loan type models
• Identifying inefficiency in smooth aggregative models of economic growth
• Existence and optimality of currency equilibrium in stochastic overlapping generations models: The pure endowment case
• Assessing Dynamic Efficiency: Theory and Evidence
• On the Efficiency of a Competitive Equilibrium in Infinite Horizon Monetary Economies
• Asset Bubbles and Overlapping Generations

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