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The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth.In contrast to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.
Originally, Ramsey defined the model as a social planner's problem of maximizing consumption levels over successive generations. [4] Only later was a model adopted by Cass and Koopmans as a description of a decentralized dynamic economy with a representative agent .
Genetic algorithms have increasingly been applied to economics since the pioneering work by John H. Miller in 1986. It has been used to characterize a variety of models including the cobweb model, the overlapping generations model, game theory, schedule optimization and asset pricing.
Peter Diamond, Dale T. Mortensen, Christopher A. Pissarides, Konstantin Novoselov, Andre Geim, Akira Suzuki, Ei-ichi Negishi, and Richard Heck, Nobel Prize Laureates 2010, at a press conference at the Royal Swedish Academy of Sciences in Stockholm. Diamond was born to a Jewish family in New York City.
DAD–SAS model; Diamond–Dybvig model; Discrete choice; Dividend discount model; ... Open music model; Overlapping generations model; Overshooting model; P ...
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Gen Z was born between 1997 and 2012 and is considered the first generation to have largely grown up using the internet, modern technology and social media.
Much of the work leading up to this paper focused on the overlapping generations model: • "The role of money in supporting the Pareto optimality of competitive equilibrium in consumption-loan type models" (with M. Okuno and I. Zilcha). J Econ Theory 20, 41–80 (1979). • "In defense of a basic approach" (with K. Shell).