Stationary Pareto optimality of stochastic asset equilibria with overlapping generations (Q760329): Difference between revisions
From MaRDI portal
Set OpenAlex properties. |
ReferenceBot (talk | contribs) Changed an Item |
||
| Property / cites work | |||
| Property / cites work: Extrinsic uncertainty revisited / rank | |||
Normal rank | |||
| Property / cites work | |||
| Property / cites work: Optimal steady-state in stationary consumption-loan type models / rank | |||
Normal rank | |||
| Property / cites work | |||
| Property / cites work: Informational diversity over time and optimality of monetary equilibria / rank | |||
Normal rank | |||
| Property / cites work | |||
| Property / cites work: Q4073083 / rank | |||
Normal rank | |||
Latest revision as of 15:30, 14 June 2024
scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Stationary Pareto optimality of stochastic asset equilibria with overlapping generations |
scientific article |
Statements
Stationary Pareto optimality of stochastic asset equilibria with overlapping generations (English)
0 references
1984
0 references
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.
0 references
stochastic asset equilibria
0 references
overlapping generation model
0 references
two generations economy
0 references
nonproducible and non-storable consumption goods
0 references
expected utilities
0 references
asset equilibrium allocation
0 references
