オオタキ エイセイ   Ohtaki Eisei
  大滝 英生
   所属   神奈川大学  経済学部 経済学科/現代ビジネス学科
    神奈川大学大学院  経済学研究科 経済学専攻(公共政策コース)
   職種   准教授
言語種別 英語
発行・発表の年月 2013/03
形態種別 学術雑誌
査読 査読あり
標題 Golden rule optimality in stochastic OLG economies
執筆形態 単著
掲載誌名 Mathematical Social Sciences
出版社・発行元 Elsevier
巻・号・頁 65(1),pp.60-66
概要 This study examines conditional golden rule optimality (CGRO) in stochastic overlapping generations models to complement the existing results on conditional Pareto optimality (CPO). Although an example in which CPO implies CGRO is presented, it is shown that such a situation is avoidable under strictly convex preferences. Under such preferences, both CPO and CGRO are characterized by the conditions on the dominant root for the agents' common matrix of marginal rates of substitution. We demonstrate that CGRO requires the dominant root being exactly equal to one, whereas CPO allows it to be less than one. By adopting CGRO rather than CPO, we provide welfare theorems in the financial economy.
DOI 10.1016/j.mathsocsci.2012.06.002