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Dynamic efficiency of steady-state equilibria in an overlapping-generations model with productive capital

Oded Galor, +1 more
- 01 Jan 1988 - 
TLDR
In this paper, the authors established sufficient technological conditions under which, for any feasible set of well-behaved preferences, stationary over-investment relative to the Golden Rule is ruled out and the economy's steady state equilibria are therefore dynamically efficient.
Abstract: 
This paper establishes sufficient technological conditions under which, for any feasible set of well-behaved preferences, stationary over-investment relative to the Golden Rule is ruled out and the economy's steady-state equilibria are therefore dynamically efficient.

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Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital

Oded Galor, +1 more
- 01 Dec 1989 - 
TL;DR: In this article, the existence, uniqueness, and stability of a steady-state equilibrium in an overlapping-generations model with productive capital is analyzed. And sufficient conditions for the existence of a unique and globally stable non-trivial steady state equilibrium are established for any feasible set of well-behaved preferences.
Journal ArticleDOI

Dynamically inefficient equilibria in the Auerbach-Kotlikoff model

Martin Larch
- 01 Mar 1993 - 
TL;DR: In this article, the authors investigated how robust dynamic efficient steady state equilibria in a 55 periods overlapping generations economy are to changes in the parametrization of the model and found that rather unplausible values of the pure rate of time preference, the intertemporal elasticity of substitution or the annual population growth rate are required to obtain dynamic inefficiency.
Journal ArticleDOI

Dynamic efficiency and capital accumulation

Günther Lang
- 01 May 1992 - 
TL;DR: In this paper, it was shown that a Pareto-improving transition from a pay-as-you-go financed state pension scheme to a capital-funded system is impossible, in contrast to opposite claims in the literature.
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