Air Pollution, Allocation of Property Rights, Environmental Issues and Theoretical Overlapping Generations General Equilibrium Modelling
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چکیده
منابع مشابه
Overlapping Generations Model of General Equilibrium By
The OLG model of Allais and Samuelson retains the methodological assumptions of agent optimization and market clearing from the Arrow–Debreu model, yet its equilibrium set has different properties: Pareto inefficiency, multiplicity, positive valuation of money, and a golden rule equilibrium in which the rate of interest is equal to population growth (independent of impatience). These properties...
متن کاملOVERLAPPING GENERATIONS MODELS OF GENERAL EQUILIBRIUM By
The OLG model of Allais and Samuelson retains the methodological assumptions of agent optimization and market clearing from the Arrow-Debreu model, yet its equilibrium set has different properties: Pareto inefficiency, indeterminacy, positive valuation of money, and a golden rule equilibrium in which the rate of interest is equal to population growth (independent of impatience). These propertie...
متن کاملExistence of Competitive Equilibrium in a General Overlapping-Generations Model*
In the companion paper [2], Balasko and Shell establish existence of competitive equilibrium for a pure-distribution, overlapping-generations economy without money (see, especially, Propositions (3.10) and (3.11) in Section 3). That argument is remarkably simple, but depends critically on some strong hypotheses concerning individual tastes and endowments. In particular, it is assumed that, in a...
متن کاملEquilibrium resource management with altruistic overlapping generations
We imbed a classic fishery model, where the optimal policy follows a Most Rapid Approach Path to a steady state, into an overlapping generations setting. The current generation discounts future generations’ utility flows at a rate possibly different from the pure rate of time preference used to discount their own utility flows. The resulting model has non-constant discount rates, leading to tim...
متن کاملRecursive Equilibrium in Stochastic Overlapping - Generations Economies
THE OVERLAPPING-GENERATIONS (OLG) model, introduced first by Allais (1947) and Samuelson (1958), is one of the two major workhorses for macroeconomic and financial modeling of open-ended dynamic economies. Following developments in the study of two-period economies, the OLG model has been extended to cover stochastic economies with production and possibly incomplete financial markets. As is the...
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ژورنال
عنوان ژورنال: South East European Journal of Economics and Business
سال: 2011
ISSN: 1840-118X
DOI: 10.2478/v10033-011-0003-1