A Stochastic Overlapping Generations Economy with Inheritance
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.
Karatzas, Ioannis; Shubik, Martin; and Sudderth, William D., "A Stochastic Overlapping Generations Economy with Inheritance" (2000). Cowles Foundation Discussion Papers. 1513.