On optimality in intergenerational risk sharing

DOI10.1007/S001990100199MaRDI QIDQ1865191zbMATH OpenOpenAlexFDO

Authors Gabrielle Demange

Publication date 25 March 2003

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL https://halshs.archives-ouvertes.fr/halshs-00581414/file/10.1.1.135.158.pdf

zbMATH Keywords

incomplete marketsoverlapping generationsPareto optimality

Mathematics Subject Classification ID

Multi-objective and goal programming (90C29) Special types of economic markets (including Cournot, Bertrand) (91B54) Stochastic models in economics (91B70)

Review text

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).

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Cited in

(19)

• Golden rule optimality in stochastic OLG economies
• Bubbly Markov equilibria
• On the optimal size of social security in the presence of a stock market
• On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production
• Intergenerational contracts and their decomposition
• Short sales, destruction of resources, welfare
• A goal-focusing approach to analysis of intergenerational transfers of income
• Intergenerational Altruism, Dynastic Equilibria and Social Welfare
• Intergenerational redistribution and risk sharing with changing longevity
• Introduction to general equilibrium
• Endogenous market incompleteness without market frictions: dynamic suboptimality of competitive equilibrium in multiperiod overlapping generations economies
• Indeterminacy in stochastic overlapping generations models: real effects in the long run
• On the role of labor supply for the optimal size of social security
• Social security and risk sharing
• The unit root property and optimality: A simple proof
• Introduction to the special issue on models of debt and debt crises
• Debt and welfare in economies with land
• Dividend paying assets, the unit root property, and suboptimality
• Optimality in stochastic OLG models: theory for tests

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