Stationary Pareto optimality of stochastic asset equilibria with overlapping generations (Q760329): Difference between revisions
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Latest revision as of 15:30, 14 June 2024
scientific article
| Language | Label | Description | Also known as |
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| English | Stationary Pareto optimality of stochastic asset equilibria with overlapping generations |
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Stationary Pareto optimality of stochastic asset equilibria with overlapping generations (English)
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1984
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An economy populated by infinitely many identical two-periods-lived generations, with nonproducible and non-storable consumption goods (endowments) is considered. Agents receive endowments when young. Endowments vary stochastically over time and can be exchanged for money. Frobenius' theorem is used to establish the existence of weights for which the averaged sums of representative agents' expected utilities are maximized at the asset equilibrium allocation.
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stochastic asset equilibria
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overlapping generation model
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two generations economy
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nonproducible and non-storable consumption goods
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expected utilities
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asset equilibrium allocation
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