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2002], "A Stochastic Overlapping Generations Economy with Inheritance

By I. Karatzas, M. Shubik and W. SudderthCowles Foundation, Paper No, I. Karatzas, M. Shubik and W. Sudderth


An overlapping generations model of an exchange economy with two sources of uncertainty is considered. Individuals have a finite expected life span and uncertain annual income. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of a stationary Markovian equilibrium is established in some generality, and several explicitly solvable examples are examined in detail

Topics: overlapping generations, bequests, inheritance, money. JEL classification, C73, D81, D5, E4
Year: 2014
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