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标题：Determinacy of Equilibrium in an overlapping generations model with heterogeneous agents
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作者：C. Nourry ; A. Venditti
期刊名称：GREQAM Documents de Travail / Groupement de Recherche en Economie Quantitative d'Aix-Marseille
出版年度：1998
摘要：We consider the determinacy of perfect foresight equilibrium near a steady state in an overlapping generations model with production and both altruistic and non altruistic agents having distinct utility functions. The proportions of each type of consumers is exogenously given. Such a model may be interpreted as both a particular case and an extension of the one considered by Muller and Woodford (1988) in which both finite and infinite lived agents coexist. We consider indeed a one-sector OLG economy with production, but the infinite-lived consumer is actually a dynasty of altruistic agents. Provided that bequests are strictly positive, the full equivalence of the two formulations is only obtained when altruistic agents have a separable utility function over their life-cycle. Our main result is that when stationary bequests are operative, some standard assumptions on preferences and technology rule out local indeterminacy for any positive value of the proportions. Thus, in the particular case of a separable utility function for altruistic agents considered by Muller and Woodford, we prove that the determinacy property does not depend on the size of the «infinite lived» household.
关键词：OLG models; heterogeneous agents; bequest motives; determinacy of stationary;equilibria; saddle-point property.