Life-Span and the Determinacy of Equilibrium in Economies of Overlapping Generations.

Time is either discrete or continuous; in either case, it extend into the infinite future and, possibly, the infinite past. There is one, non-storable commodity at each date. The economy is stationary; intertemporal preferences are logarithmic; the endowments and discount factors of individuals need not depend continuously on time.With continuous time, equilibrium paths of prices are smooth; this, even for endowments and discount factors of individuals that do not depend continuously on time. With discrete time, as the number of periods in the life-span of individuals increases, equilibrium paths converge to the continuous time solutions.