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An Overlapping Generations Model Core Equivalence Theorem

Aliprantis, Charalambos D. and Burkinshaw, Owen (1986) An Overlapping Generations Model Core Equivalence Theorem. Social Science Working Paper, 706. California Institute of Technology , Pasadena, CA. (Unpublished)

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The classical Debreu-Scarf core equivalence theorem asserts that in an exchange economy with a finite number of agents art allocation (under certain conditions) is a Walrasian equilibrium if and only if it belongs to the core of every replica of the exchange economy. The pioneering work of P. Samuelson has shown that such a result fails to be true in exchange economies with a countable number of agents. This paper presents a Debreu-Scarf type core equivalence theorem for the overlapping generations (OLG) model. Specifically, the notion of a short-term core allocation for the overlapping generations model is introduced and it is shown that (under some appropriate conditions) an OLG model allocation is a Walrasian equilibrium if and only if it belongs to the short-term core of every replica of the OLG economy.

Item Type:Report or Paper (Working Paper)
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Additional Information:We thank D. J. Brown and an anonymous referee for their constructive comments on an earlier version of this paper. Research of both authors was supported in part by a Chrysler Corporation grant to IUPUI. Published as Aliprantis, Charalambos D., and Owen Burkinshaw. "An overlapping generations model core equivalence theorem." Journal of economic theory 50, no. 2 (1990): 362-380.
Group:Social Science Working Papers
Series Name:Social Science Working Paper
Issue or Number:706
Record Number:CaltechAUTHORS:20170901-161157147
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81110
Deposited By: Jacquelyn Bussone
Deposited On:05 Sep 2017 23:13
Last Modified:03 Oct 2019 18:39

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