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Fair Allocations in an Overlapping Generations Economy

Author

Listed:
  • Ram Sewak Dubey
  • Francesco Ruscitti

Abstract

This paper investigates fair (i.e., envy-free and efficient) allocations in an overlapping generations economy without production and with two-period lived agents. We show that there is a conflict between no-envy and efficiency when all generations have identical preferences. This conflict crucially depends on the size of the given young age consumption of the initial old generation relative to the young age consumption at the golden-rule. We then show that there exist non-stationary preferences for which such a conflict does not arise, regardless of the young age consumption of the initial old generation. JEL Classifications: D60, D63, D70

Suggested Citation

  • Ram Sewak Dubey & Francesco Ruscitti, 2024. "Fair Allocations in an Overlapping Generations Economy," Studies in Microeconomics, , vol. 12(2), pages 172-199, August.
    • Handle: RePEc:sae:miceco:v:12:y:2024:i:2:p:172-199
    DOI: 10.1177/23210222221119362
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    More about this item

    Keywords

    Efficiency; no-envy; fair allocations; non-stationary preferences;
    All these keywords.

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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