Overlapping Generations Models and Graded Age-Set Societies
Merwan Engineer () and
Linda Welling ()
Journal of Institutional and Theoretical Economics (JITE), 2004, vol. 160, issue 3, 454-476
From Africa through North America to Asia, anthropologists have found societies with formalized age-group systems. In these societies, social and economic relations between individuals are regulated by well-established rules governing transitions through the lifecycle. In this paper we detail the relationship between the classic formulations in Stewart's  Fundamentals of Age-Group Systems and the overlapping generations (OLG) model. We establish that OLG models can accurately represent a large subset of actual age-group societies called graded age-set societies. Thus, an OLG model bears a close resemblance to reality.
JEL-codes: J10 P00 Z10 (search for similar items in EconPapers)
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