A Stochastic Overlapping Generations Economy with Inheritance

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.

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Year of publication:	2000-06
Authors:	Karatzas, Ioannis ; Shubik, Martin ; Sudderth, William D.
Institutions:	Cowles Foundation for Research in Economics, Yale University
Subject:	Overlapping generations \| inheritance \| stochastic process \| life span

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Extent:	application/pdf
Series:	Cowles Foundation Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	CFP 1049. Length 26 pages Published in Journal of Economics (2002), 77(3): 207-240 The price is None Number 1262
Classification:	C72 - Noncooperative Games ; C73 - Stochastic and Dynamic Games ; D80 - Information and Uncertainty. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004990769