Abstract
We prove the generic existence of a recursive equilibrium for overlapping-generations economies with uncertainty. " Generic" here means in a residual set of utilities and endowments. The result holds provided there is a sufficient number of potentially different individuals within each cohort.
Original language | English (US) |
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Pages (from-to) | 309-347 |
Number of pages | 39 |
Journal | Econometrica |
Volume | 78 |
Issue number | 1 |
DOIs | |
State | Published - Jan 2010 |
Keywords
- Markov equilibrium
- Overlapping generations
- Recursive equilibrium
- Transversality theorem
ASJC Scopus subject areas
- Economics and Econometrics