Overlapping Generations Economies and Symmetrical Economies under Extrinsic Uncertainty

Julio Davila

UFAE and IAE Working Papers from Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC)

Abstract: The stationary structure of the simple overlapping generations economies is used to try to extend to the case with extrinsic uncertainty the characterizations of their stationary equilibria by means of symmetrical multiple equilibria of a related exchange economy in which the representative agent faces his mirror image. It is proved in this article that, although such a characterization exists in the deterministic case as was shown in Balasko-Ghiglino (1997) and Tuinstra-Wddepohl (1997), it cannot be robustly extended to economies with extrinsic uncertainty.

Keywords: UNCERTAINTY; GENERATIONS; ASYMETRIC INFORMATION (search for similar items in EconPapers)
JEL-codes: D9 D80 D51 D82 (search for similar items in EconPapers)
Date: 1998

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Persistent link: http://EconPapers.repec.org/RePEc:aub:autbar:416.98

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