On the Efficiency of Intergenerational Risk Sharing and Capital Accumulation in an Economy with Land

Gabrielle Demange

DELTA Working Papers from DELTA (Ecole normale supérieure)

Abstract: We study efficiency properties of allocations and equilibria in dynamic stochastic economies with finitely lived agents. Efficiency is assessed to the concept of interim optimality which considers the agents' welfare at their birth date in every possible circumstance which may occur at that date. This paper develops sufficient conditions for an allocation to be interim optimal. These conditions are shown to be satisfied at any rational expectations equilirium if productive land is exhanged, thereby extending some well known results in riskless overlapping generations economy.

Keywords: RESOURCE ALLOCATION; LAND; DURATION (search for similar items in EconPapers)
JEL-codes: Q15 R11 (search for similar items in EconPapers)
Pages: 18 pages
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:del:abcdef:98-21

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