Document Type
Discussion Paper
Publication Date
6-1-2000
CFDP Number
1262
CFDP Pages
26
Abstract
An overlapping generations model of an exchange economy is considered, with individuals having a finite expected life-span. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of stationary Markov equilibrium is established in some generality, and several explicitly solvable examples are treated in detail.
Recommended Citation
Karatzas, Ioannis; Shubik, Martin; and Sudderth, William D., "A Stochastic Overlapping Generations Economy with Inheritance" (2000). Cowles Foundation Discussion Papers. 1513.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/1513