This paper develops a novel tractable overlapping generations (OLG) structure whose aggregate equations resemble model of an infinitely lived representative agent, except that there are no transversality conditions in the OLG economy. The main assumptions complete markets and time-invariant (but age-dependent) consumption shares age-groups. tractability here distinguishes it from conventional m...

This paper investigates fair (i.e., envy-free and efficient) allocations in an overlapping generations economy without production with two-period lived agents. We show that there is a conflict between no-envy efficiency when all have identical preferences. crucially depends on the size of given young age consumption initial old generation relative to at golden-rule. then exist non-stationary pr...

This paper develops an overlapping generations model to analyze the consequences of demographic structure changes induced by an exogenous shift in the birth rate. We …rst show that a …nite growth rate of the population that maximizes long-run capital per capita exists. Then, we examine the theoretical properties of this growth rate by showing that: (i) it corresponds to the demographic structur...

This paper considers a one-sector overlapping-generations model with production. We observe that under standard assumptions on preferences and technology, the perfect-foresight equilibrium violates positivity constraints for large sets of initial conditions. The consideration of the positivity constraints of the consumer enables degenerate equilibrium, a perfect-foresight equilibrium that remai...

We study a trading process for a pure exchange economy with overlapping generations. This process is based on the maximization, at each stage, of a collective benefit (or surplus). We show that this process converges to a Pareto-optimal allocation. This extends the second fundamental convergence theorem of Allais [1967] to a pure exchange economy with overlapping generations.

This paper analyses the mathematical properties of an overlapping generations growth model with endogenous labour supply and multiplicative external habits. The dynamics of the economy is characterised by a two-dimensional map describing the time evolution of capital and labour supply. We show that if the relative importance of external habits in the utility function is sufficiently high, multi...

In this paper we study the process of allele frequency change in finite populations with overlapping generations with the purpose of evaluating the possibility of estimating the effective size from observations of temporal frequency shifts of selectively neutral alleles. Focusing on allele frequency changes between successive cohorts (individuals born in particular years), we show that such cha...