Generic determinacy among stationary overlapping generations

被引:0
|
作者
Jonathan L. Burke
机构
[1] Pepperdine University,Business Administration Division
来源
Economic Theory | 2022年 / 73卷
关键词
Generic; Determinacy; Overlapping generations; D50; D53;
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摘要
For simplicity or realism, determinacy analysis for overlapping-generations models typically aggregates all conceivable commodities into a fixed, finite number of types. Analysis finds robust examples with indeterminate equilibria, which suggests indeterminacy may be significant among overlapping generations. But does robust indeterminacy exist despite that simplifying aggregation? or because of aggregation? We suggest the latter with a generic determinacy theorem for overlapping-generations models with idealized competitive markets for a continuum of commodities in discrete or continuous time. And aggregating the continuum of commodities into a finite number of types transforms some of those generic, determinate models into ostensibly-robust indeterminacy examples.
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页码:977 / 993
页数:16
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