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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.
A major feature which sets overlapping generations models in economics apart from the standard model with a finite number of infinitely lived individuals is that the First Welfare Theorem might not hold—that is, competitive equilibria may be not be Pareto optimal.
Shell also made important contributions to the overlapping generations literature (and was perhaps the first to refer to the overlapping generations model by its modern name). The overlapping generations model is now a workhorse in modern macroeconomics and monetary economics. Karl Shell is also co-inventor (with David Cass) of the concept of ...
Non-overlapping generations are found in species in which the adult generation dies after one breeding season. If a species for instance can only survive winter in the juvenile state the species will automatically consist of non-overlapping generations. The bee Amegilla dawsoni, an example of a species with non-overlapping generations
In the Spear and Wright Macroeconomic Dynamics interview with Cass, [1] he indicates that his work with Manny Yaari at Yale constituted his introduction to Samuelson's consumption loans (now overlapping generations) model, which would come front and center as a major workhorse model in Cass's subsequent work with Karl Shell on sunspot ...
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 .
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.
His reference framework is the growth model, viewed as a succession of different generations. The numerous contributions can be classified according to three main topics. First, Philippe Michel studies the problem of the choice of a social welfare function that allows defining the social optimum.