Title

A Stochastic Overlapping Generations Economy with Inheritance

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.

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