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Robustness of equilibria in stochastic OLG economies

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Issue DateTitleSub-TitleAuthor(s)Journal NameVolume NumberIssue NumberPages
125-Sep-2015Robustness of equilibria in stochastic OLG economies-Basu, Arnab 

Description

Abstract
"The Overlapping-Generations (OLG) model was first introduced by Allais [1] and Samuelson [2]. It is one of the major developments for dynamic modelling of economies. This OLG model has also been extended to stochastic economies with incomplete markets and economies with production. In general, the notion of competitive equilibria in dynamic economies as propounded by Arrow and Debreu [3],[4] allows for prices and allocations to depend on histories of arbitrary length which disrupts the notion of rational expectations equilibria [5] as well as approximation of solutions for real-life applications. To address these issues, Duffie et. al. [6] proposed a general theorem for the existence of stationary Markov equilibria for OLG economies. We refer the reader to [7] for a general treatment of recursive equilibria in stochastic OLG economies."
 
Keyword(s)
Economics
Overlapping-Generations
OLG
Stochastic economies
Markov equilibria

Primary Data

Project title
Robustness of equilibria in stochastic OLG economies
Project Coordinator
Organization
 
Status
Completed
Expected Completion
25-09-2015