A complete characterization of Pareto optimality for general OLG economies

• 成果类型: Article
• 署名作者: Molina-Abraldes, A; Pintos-Clapés, J
• 署名单位: Universidade de Vigo
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00094-2
• 发表日期: 2003
• 页码: 235-252
• 关键词: curvature conditions; efficiency characterization; heterogeneous longevities; OLG economies; Pareto optimality

摘要

In the context of general pure exchange OLG economies where agents can have heterogeneous longevities, we provide both sufficient and necessary conditions for Pareto optimality of competitive equilibria. For the case in which all agents live for the same number of periods, we find that these conditions are equivalent. We also find this equivalence when agents can have different lifetimes, but in this case we need to impose particular restrictions on relative equilibrium prices. Moreover, we show that without these conditions on prices the equivalence, and hence a full characterization, is not necessarily obtained. (C) 2003 Published by Elsevier Science (USA).