A Stochastic Overlapping Generations Economy with Inheritance |
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| Authors: | I. Karatzas M. Shubik W. Sudderth |
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| Affiliation: | (1) Departments of Mathematics and Statistics, Columbia University , New York, NY 10027, USA (e-mail: ik@math. columbia.edu), US;(2) Cowles Foundation for Research in Economics, Yale University, New Haven, CT 06520, USA (e-mail: martin.shubik@yale.edu), US;(3) School of Statistics, University of Minnesota, Minneapolis, MN 55455, USA (e-mail: bill@stat.umn.edu), US |
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| Abstract: | An overlapping generations model of an exchange economy with two sources of uncertainty is considered. Individuals have a finite expected life span and uncertain annual income. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of a stationary Markovian equilibrium is established in some generality, and several explicitly solvable examples are examined in detail. Received August 6, 2001; revised version received March 12, 2002 Published online: November 11, 2002 |
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| Keywords: | : overlapping generations, bequests, inheritance, money. |
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