Time and Uncertainty in Overlapping Generations Economies

Julio Dávila

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Abstract: This paper shows the general reversibility of every perfect foresight equilibrium of an overlapping generations economy. It then shows and characterizes the existence of reversible sunspot equilibria in these economies as well, which seems to be at odds with our intuition about the irreversibility of a tree of events. Although the paper establishes also that such reversible stochastic equilibria constitute a negligible subset of all the equilibria of their class, their mere existence may be considered somewhat puzzling for this intuition. Journal of Economic Literature

Keywords: overlapping generations; reversibility (search for similar items in EconPapers)
Date: 2001
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Published in Journal of Economic Theory, 2001, 100 (2), pp.356-386. ⟨10.1006/jeth.2000.2724⟩

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Related works:
Journal Article: Time and Uncertainty in Overlapping Generations Economies (2001)
Working Paper: Time and Uncertainty in Overlapping Generations Economies (2001)
Working Paper: Time and Uncertainty in Overlapping Generations Economies
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00286027

DOI: 10.1006/jeth.2000.2724

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