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. © 2010 Elsevier Inc.
Gonzalez-Eiras, M. (2011). Social security as Markov equilibrium in OLG models: A note. REVIEW OF ECONOMIC DYNAMICS, 14(3), 549-552 [10.1016/j.red.2010.07.002].
Social security as Markov equilibrium in OLG models: A note
Gonzalez-Eiras M.
2011
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. © 2010 Elsevier Inc.File in questo prodotto:
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