Existence,uniqueness, and stability of equilibrium in an OLG economy |
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Authors: | Email author" target="_blank">Ronald?WendnerEmail author |
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Institution: | (1) Department of Economics, Graz University, Universitätsstrasse 15, 8010 Graz, AUSTRIA |
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Abstract: | Summary. This paper presents sufficient conditions for the existence of a unique and globally stable steady state equilibrium for OLG economies with production. The conditions impose separate requirements on the utility and production functions. Moreover, the conditions do not require assumptions concerning the third order derivatives of the production and utility functions.Received: 12 August 2002, Revised: 7 January 2003, JEL Classification Numbers:
D50, D91, E13, O41.I would like to thank Nick Baigent, Laurie Conway, Karl Farmer, Christian Gehrke, and Hideo Konishi for helpful comments. I am grateful to an anonymous referee for his or her comments. |
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Keywords: | Existence Uniqueness Stability Overlapping generations |
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