Time and uncertainty in overlapping generations economies

• 成果类型: Article
• 署名作者: Dávila, J
• 署名单位: University of Pennsylvania
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2000.2724
• 发表日期: 2001
• 页码: 356-386
• 关键词: Overlapping generations; reversibility

摘要

This paper shows the general reversibility of every perfect foresight equilibrium of an overlapping generations economy. It then shows and characterizes the existence of reversible sunspot equilibria in these economics as well, which seems to be at odds with our intuition about the irreversibility of a tree of events. Although the paper establishes also that such reversible Stochastic equilibria constitute a negligible subset of all the equilibria of their class, their mere existence may be considered somewhat puzzling for this intuition. (C) 2001 Academic Press.