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Pricing Optimal Distributions to Overlapping Generations: A Corollary to Efficiency Pricing

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  • Lawrence M. Benveniste

Abstract

This paper will exploit the structural similarity of the two period overlapping generations model and the dynamic capital accumulation model to provide a pricing characterization of Pareto optimal distributions. With some very simple structural interpretations, the techniques which were developed to characterize efficient capital accumulation, apply directly to the overlapping generations model of the most general form; where generations consist of heterogenous consumer types of varying lifespans.

Suggested Citation

  • Lawrence M. Benveniste, 1986. "Pricing Optimal Distributions to Overlapping Generations: A Corollary to Efficiency Pricing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 53(2), pages 301-306.
    • Handle: RePEc:oup:restud:v:53:y:1986:i:2:p:301-306.
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    File URL: http://hdl.handle.net/10.2307/2297654
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    Cited by:

    1. Bloise, Gaetano, 2008. "Efficiency and prices in economies of overlapping generations," Journal of Economic Theory, Elsevier, vol. 141(1), pages 200-224, July.
    2. Rao Aiyagari, S., 1992. "Walras' Law and nonoptimal equilibria in overlapping generations models," Journal of Mathematical Economics, Elsevier, vol. 21(4), pages 343-361.
    3. Bloise, Gaetano & Calciano, Filippo L., 2008. "A characterization of inefficiency in stochastic overlapping generations economies," Journal of Economic Theory, Elsevier, vol. 143(1), pages 442-468, November.
    4. Mertens, Jean-François & Rubinchik, Anna, 2015. "Pareto Optimality Of The Golden Rule Equilibrium In An Overlapping Generations Model With Production And Transfers," Macroeconomic Dynamics, Cambridge University Press, vol. 19(8), pages 1780-1799, December.
    5. Majumdar, Mukul, 2009. "Equilibrium and optimality: Some imprints of David Gale," Games and Economic Behavior, Elsevier, vol. 66(2), pages 607-626, July.
    6. Gaetano Bloise & Filippo L. Calciano, 2007. "A Note On The Characterization Of Inefficiency In Stochastic Overlapping Generations Economies," Departmental Working Papers of Economics - University 'Roma Tre' 0083, Department of Economics - University Roma Tre.

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