Intergenerational Bargaining and Indeterminacy of Equilibria

Edgar Ghossoub
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Edgar Ghossoub: University of Texas at San Antonio

No 10, Working Papers from College of Business, University of Texas at San Antonio

Abstract: Most studies that use an overlapping generations setting assume complete depreciation of capital or complete reversibility with partial depreciation. These assumptions are generally made to make the analysis more tractable. Departing from a simple version of the Diamond (1965) model, I demonstrate that relaxing these assumptions generates multiplicity of equilibria - an issue that should be treated seriously in models that examine policy implications in overlapping generations production economies.

Keywords: Economic Development; Intergenerational Trade; Bargaining (search for similar items in EconPapers)
JEL-codes: D42 E13 E21 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2010-04-22
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