- STOCHASTIC OLG MODELS, MARKET STRUCTURE AND OPTIMALITY

Piero Gottardi and Subir Chattopadhyay
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Subir Chattopadhyay: Universidad de Alicante

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficency properties of competitive equilibria when markets are only sequentially complete and the criterion of efficency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially complete and provide a characterization when the criterion of efficency is weakened to ex post Pareto optimality.

Keywords: Stochastic Overlapping Generations Models; Pareto Optimality (search for similar items in EconPapers)
Pages: 40 pages
Date: 1999-09
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Citations: View citations in EconPapers (54)

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http://www.ivie.es/downloads/docs/wpasad/wpasad-1999-15.pdf Fisrt version / Primera version, 1999 (application/pdf)

Related works:
Journal Article: Stochastic OLG Models, Market Structure, and Optimality (1999)
Working Paper: Stochastic OLG Models, Market Structure, and Optimality (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:1999-15

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