TY - JOUR
AU - Schmedders, Karl
AB - AbstractIn 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.
TI - Uniqueness of Steady States in Models with Overlapping Generations
JF - Journal of the European Economic Association
DO - 10.1111/j.1542-4774.2010.tb00533.x
DA - 2010-05-01
UR - https://www.deepdyve.com/lp/oxford-university-press/uniqueness-of-steady-states-in-models-with-overlapping-generations-4zr9cvqzLC
SP - 635
EP - 644
VL - 8
IS - 2-3
DP - DeepDyve
ER -