A Stochastic Overlapping Generations Economy with Inheritance

Ioannis Karatzas, Martin Shubik and William D. Sudderth
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Ioannis Karatzas: Columbia University

No 1262, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: An overlapping generations model of an exchange economy is considered, with individuals having a finite expected life-span. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of stationary Markov equilibrium is established in some generality, and several explicitly solvable examples are treated in detail.

Keywords: Overlapping generations; inheritance; stochastic process; life span (search for similar items in EconPapers)
JEL-codes: C72 C73 D80 (search for similar items in EconPapers)
Date: 2000-06
Note: CFP 1049. Length 26 pages
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Published in Journal of Economics (2002), 77(3): 207-240

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Working Paper: A Stochastic Overlapping Generations Economy with Inheritance (2000)
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