Dynamic efficiency in overlapping generations models with stochastic production

DOI10.1016/0022-0531(90)90037-KzbMath0731.90020OpenAlexW2031071533MaRDI QIDQ808980

Itzhak Zilcha

Publication date: 1990

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0022-0531(90)90037-k

zbMATH Keywords

overlapping generationsstochastic productionfirst and second degree stochastic dominance

Mathematics Subject Classification ID

Production theory, theory of the firm (91B38) Economic growth models (91B62) General equilibrium theory (91B50) Resource and cost allocation (including fair division, apportionment, etc.) (91B32)

Related Items (11)

Could Prometheus be bound again? A contribution to the convergence controversy ⋮ Efficiency and optimality in stochastic models with production ⋮ Intrinsic bubbles and asset price volatility ⋮ Endogenous market incompleteness without market frictions: dynamic suboptimality of competitive equilibrium in multiperiod overlapping generations economies ⋮ Dominant root characterization of Pareto optimality and the existence of optimal equilibria in stochastic overlapping generations models ⋮ Characterizing efficiency in stochastic overlapping generations models ⋮ Stationary Markovian equilibrium in overlapping generation models with stochastic nonclassical production and Markov shocks ⋮ On the interaction between risk sharing and capital accumulation in a stochastic OLG model with production ⋮ The Cass criterion, the net dividend criterion, and optimality ⋮ The Zilcha criteria for dynamic inefficiency reconsidered ⋮ Bubbly Markov equilibria

Cites Work

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• On the Efficiency of a Competitive Equilibrium in Infinite Horizon Monetary Economies
• Efficiency Prices for Optimal Consumption Plans. IV
• Capital Accumulation and Efficient Allocation of Resources
• Asset Bubbles and Overlapping Generations

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