| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 972875 | Mathematical Social Sciences | 2013 | 7 Pages |
Abstract
⺠We examine conditional golden rule optimality (CGRO) in stochastic overlapping generations models. ⺠We report an anomalous situation such that CPO implies CGRO. ⺠Such a situation can be avoidable under strictly convex preferences. ⺠Under such preferences, CGRO is characterized by the dominant root, being equal to one, of an appropriate matrix. ⺠By adopting CGRO, we provide welfare theorems in the financial economy.
Related Topics
Physical Sciences and Engineering
Mathematics
Applied Mathematics
Authors
Eisei Ohtaki,