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QUASI‐LINEAR UTILITY FUNCTIONS AND THE DYNAMICS OF PURE EXCHANGE OVERLAPPING GENERATIONS MODELS
Author(s) -
Denicolò V.
Publication year - 1990
Publication title -
metroeconomica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.256
H-Index - 29
eISSN - 1467-999X
pISSN - 0026-1386
DOI - 10.1111/j.1467-999x.1990.tb00458.x
Subject(s) - overlapping generations model , dynamics (music) , economics , class (philosophy) , homogeneous , mathematical economics , population , subclass , econometrics , microeconomics , statistical physics , computer science , physics , biology , demography , artificial intelligence , sociology , acoustics , antibody , immunology
This paper considers the dynamics of pure exchange OLG models with stationary population (each agent living for two periods), tastes and endowments, homogeneous agents and well behaved preferences. It is shown that any kind of dynamics that can emerge from this class of models can be generated by a subclass of models where preferences are described by quasi‐linear utility functions.