Social security as Markov equilibrium in OLG models: A note

Martin Gonzalez Eiras

Social security as Markov equilibrium in OLG models: A note

Økonomisk Institut

2 Citationer (Scopus)

Abstract

I refine and extend the Markov perfect equilibrium of the social security policy game in Forni (2005) for the special case of logarithmic utility. Under the restriction that the policy function be continuous, instead of differentiable, the equilibrium is globally well defined and its dynamics always stable.

Originalsprog	Engelsk
Tidsskrift	Review of Economic Dynamics
Vol/bind	14
Udgave nummer	3
Sider (fra-til)	549-552
Antal sider	4
ISSN	1094-2025
Status	Udgivet - jul. 2011

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Citationsformater

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title = "Social security as Markov equilibrium in OLG models: A note",

abstract = "I refine and extend the Markov perfect equilibrium of the social security policy game in Forni (2005) for the special case of logarithmic utility. Under the restriction that the policy function be continuous, instead of differentiable, the equilibrium is globally well defined and its dynamics always stable.",

keywords = "Faculty of Social Sciences, social security, overlapping generation models, Markov equilibria",

author = "{Gonzalez Eiras}, Martin",

note = "JEL classification: C72; H55",

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AU - Gonzalez Eiras, Martin

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AB - I refine and extend the Markov perfect equilibrium of the social security policy game in Forni (2005) for the special case of logarithmic utility. Under the restriction that the policy function be continuous, instead of differentiable, the equilibrium is globally well defined and its dynamics always stable.

KW - Faculty of Social Sciences

KW - social security

KW - overlapping generation models

KW - Markov equilibria

M3 - Journal article

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SP - 549

EP - 552

JO - Review of Economic Dynamics

JF - Review of Economic Dynamics

IS - 3

ER -

Social security as Markov equilibrium in OLG models: A note

Abstract

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