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"A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational.We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation.We conclude that the existing equilibrium concepts in the literature do not satisfy this condition.We then propose an alternative equilibrium concept, organizational equilibrium, that satisfies this condition.We show that equilibrium exists, it is unique, and it improves over autarky without achieving optimality.Moreover, the equilibrium can be readily found by solving a maximization program"--Federal Reserve Bank of Minneapolis web site.
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Edition | Availability |
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On the equilibrium concept for overlapping generations organizations
2000, Federal Reserve Bank of Minneapolis
Electronic resource
in English
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Book Details
Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/15/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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