首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Optimality in stochastic OLG models: Theory for tests
Authors:Subir Chattopadhyay  
Institution:aCentro de Estudios Económicos, El Colegio de México, México D. F. 10740, México;bDepartamento de Fundamentos del Análisis Económico, Universidad de Alicante, E-03071 Alicante, Spain
Abstract:We consider general OLG economies under uncertainty, with short maturity assets and with dividend paying assets of infinite maturity and fiat money, and study the optimality properties of equilibria with a sequence of asset markets that are sequentially complete. We provide necessary and sufficient conditions, in terms of asset prices and dividends, for equilibria to be conditionally Pareto optimal. These results provide a theoretical basis for empirical investigation.
Keywords:Stochastic overlapping generations models  Optimality characterization  Empirical tests  Asset markets
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号