On optimality in intergenerational risk sharing
For dynamic stochastic economies with finitely lived agents and one good in every period the author discusses in detail problems of intergenerational transfers, e.g., extending optimality results, that are known from non-stochastic OLG economies. In the here considered stochastic set up the author defines several different Pareto optimality concepts for allocations and gets necessary and sufficient conditions for optimality, also results for the optimality of an equilibrium in such an economy under different assumptions (e.g., incomplete markets).
scientific article; zbMATH DE number 1887552