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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Uniqueness of steady states in models with overlapping generations |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Journal of the European Economic Association |
| Publisher | MIT Press |
| Geographical Reach | international |
| ISSN | 1542-4766 |
| Volume | 8 |
| Number | 2-3 |
| Page Range | 635 - 644 |
| Date | 2010 |
| Abstract Text | In this paper we examine the likelihood of multiple real steady states in deterministic exchange economies with overlapping generations. There is a single good and a single agent per generation with constant relative risk aversion expected utility. In order to test for multiple equilibria we employ methods from computational algebraic geometry. In our examples, we find that multiplicity becomes less likely as the life span of agents increases but becomes more likely as the coefficient of risk aversion increases. For moderate values of risk aversion, multiplicity is very unlikely when agents live for five or more periods. (JEL: C61, C63, D50, D58) |
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| Digital Object Identifier | 10.1111/j.1542-4774.2010.tb00533.x |
| Other Identification Number | merlin-id:697 |
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| Additional Information | Copyright: MIT Press |