Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents

Urai, Ken; Murakami, Hiromi; Moriya, Takahiro

Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents

Urai, Ken; Murakami, Hiromi; Moriya, Takahiro

Discussion Papers In Economics And Business, 2022, 22-03, 1-14

アクセス数:468件（2025-08-26 22:27 集計）

固定URL: https://hdl.handle.net/11094/88674

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タイトル	Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents
著者	NRID 1000000203597 1000000203597 researchmap permalink read0175173 read0175173 Scopus Author ID 24287014300 24287014300 著者名 Urai, Ken
	NRID 1000080803072 1000080803072 著者名 Murakami, Hiromi
	著者名 Moriya, Takahiro
キーワード等	Dividend Equilibrium
	Monetary Equilibrium
	Overlapping Generations Economy
	Satiation
	Basic Income
抄録	This paper treats a general equilibrium existence problem on overlapping generations (OLG) economies with satiated agents and fiat money. The setting is important because it allows the analysis to incorporate Pareto optimality problems of the type where the value functions do not necessarily converge. For example, this is the case for optimal allocations such as a basic income under a budget deficit, which can only be realized with policies that require non-negative wealth transfers for all agents. Because of the existence of satiated agents, our argument can be identified with a dividend equilibrium (Aumann and Dreze 1986) or an equilibrium with slack (Mas-Colell 1992). For OLG settings, however, some conditions (like arguments for strictly positive endowments, resource relatedness and minimum wealth conditions with negative prices, and limit arguments for dividends) must be reconsidered. We note that by considering the OLG framework together with satiated agents, not only can the existence of a monetary equilibrium be assumed in advance, but the existence of a monetary equilibrium based on an arbitrary money supply is guaranteed. Taking into account that our setting includes production (without discount factor), the model here provides a basis for a wide range of difficult problems, including the player’s (equilibrium-dependent) survival problem, multi-sectoral capital accumulation, bequests, firm formation, and so on.
出版者	Graduate School of Economics, Osaka University
収録物名	Discussion Papers In Economics And Business
巻(号)	22-03
ページ	1-14
刊行年月	2022-08
言語	英語
ハンドルURL	https://hdl.handle.net/11094/88674
NCID	AA1160366X
関連情報 (references)	URI http://www2.econ.osaka-u.ac.jp/econ_society/dp/2203.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Discussion Papers In Economics And Business

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business. 2022, 22-03, p. 1-14
DC.title	Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents
DC.creator	Urai, Ken
	Murakami, Hiromi
	Moriya, Takahiro
DC.publisher	Graduate School of Economics, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2022-08
DC.relation' scheme='DCTERMS.URI	http://www2.econ.osaka-u.ac.jp/econ_society/dp/2203.pdf
DC.subject	Dividend Equilibrium
	Monetary Equilibrium
	Overlapping Generations Economy
	Satiation
	Basic Income
DCTERMS.abstract	This paper treats a general equilibrium existence problem on overlapping generations (OLG) economies with satiated agents and fiat money. The setting is important because it allows the analysis to incorporate Pareto optimality problems of the type where the value functions do not necessarily converge. For example, this is the case for optimal allocations such as a basic income under a budget deficit, which can only be realized with policies that require non-negative wealth transfers for all agents. Because of the existence of satiated agents, our argument can be identified with a dividend equilibrium (Aumann and Dreze 1986) or an equilibrium with slack (Mas-Colell 1992). For OLG settings, however, some conditions (like arguments for strictly positive endowments, resource relatedness and minimum wealth conditions with negative prices, and limit arguments for dividends) must be reconsidered. We note that by considering the OLG framework together with satiated agents, not only can the existence of a monetary equilibrium be assumed in advance, but the existence of a monetary equilibrium based on an arbitrary money supply is guaranteed. Taking into account that our setting includes production (without discount factor), the model here provides a basis for a wide range of difficult problems, including the player’s (equilibrium-dependent) survival problem, multi-sectoral capital accumulation, bequests, firm formation, and so on.
DC.format	88674
citation_title	Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents
citation_author	Urai, Ken
	Murakami, Hiromi
	Moriya, Takahiro
citation_publisher	Graduate School of Economics, Osaka University
citation_language	英語
citation_date	2022-08
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	22-03
citation_firstpage	1
citation_lastpage	14
citation_public_url	https://hdl.handle.net/11094/88674
citation_abstract_html_url	http://www2.econ.osaka-u.ac.jp/econ_society/dp/2203.pdf

Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents

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