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PARETO OPTIMALITY OF THE GOLDEN RULE EQUILIBRIUM IN AN OVERLAPPING GENERATIONS MODEL WITH PRODUCTION AND TRANSFERS

Title
PARETO OPTIMALITY OF THE GOLDEN RULE EQUILIBRIUM IN AN OVERLAPPING GENERATIONS MODEL WITH PRODUCTION AND TRANSFERS
Type
Article in International Scientific Journal
Year
2015
Authors
Mertens, JF
(Author)
Other
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Rubinchik, A
(Author)
Other
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Journal
Vol. 19
Pages: 1780-1799
ISSN: 1365-1005
Other information
Authenticus ID: P-017-3SA
Abstract (EN): The main result is that the golden rule equilibrium (GRE) is Pareto optimal (in the classical sense) in an overlapping generations (OG) model with constant-returns-to-scale production, transfers, arbitrary life-time productivity and homogeneous instantaneous felicity. In addition, we extend Cass and Yaari's equivalence between efficiency (aggregate consumption dominance) and present value dominance (with evaluation made using a candidate equilibrium price path).
Language: English
Type (Professor's evaluation): Scientific
No. of pages: 20
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