Comparing Competitive Equilibria with Equilibria of Labor-Managed and Capital-Managed Economies in OLG Models

Bertrand Crettez and Pierre-André Jouvet
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Bertrand Crettez: L.I.B.R.E., University of Franche-Comte

Annals of Economics and Finance, 2006, vol. 7, issue 2, 339-355

Abstract: This paper compares a private ownership (competitive) economy, a labormanaged economy and a capital-managed economy in an overlapping-generations framework. Under standard and rather weak assumptions, the sets of equilibria for the two first economies are identical, in line with a result already shown in a static setting. We also prove that the set of competitive equilibria are included in the set of equilibria of capital-managed economies, but the converse is not true. However, using some smoothness assumptions, we show that an equilibrium of a capital-managed economy may be a competitive equilibrium.

Keywords: OLG models; Economic systems; Labor-management; Capitalmanagement (search for similar items in EconPapers)
JEL-codes: D92 L20 P12 P13 (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:cuf:journl:y:2006:v:7:i:2:p:339-355

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