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Overlapping Generations Economies and Symmetrical Economies under Extrinsic Uncertainty

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  • Davila, J.

Abstract

The stationary structure of the simple overlapping generations economies is used to try to extend to the case with extrinsic uncertainty the characterizations of their stationary equilibria by means of symmetrical multiple equilibria of a related exchange economy in which the representative agent faces his mirror image. It is proved in this article that, although such a characterization exists in the deterministic case as was shown in Balasko-Ghiglino (1997) and Tuinstra-Wddepohl (1997), it cannot be robustly extended to economies with extrinsic uncertainty.

Suggested Citation

  • Davila, J., 1998. "Overlapping Generations Economies and Symmetrical Economies under Extrinsic Uncertainty," UFAE and IAE Working Papers 416.98, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    • Handle: RePEc:aub:autbar:416.98
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    More about this item

    Keywords

    UNCERTAINTY ; GENERATIONS ; ASYMETRIC INFORMATION;
    All these keywords.

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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