Lecture 7 OLG Model_modified

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1、2015/5/14Lecture7OLGModelContents•CompetitiveEquilibrium:EndowmentEconomy•CompetitiveEquilibrium:ProductionEconomy•SocialPlanner’sProblem2015/5/14MinGongCMRatXMU212015/5/147.1CompetitiveEquilibrium:EndowmentEconomy•7.1.1Date‐0MarketCompetitiveEquilibrium–RHt0maxuct[()]uct[(1)]tt{(),(1)

2、}ctctttpctpct()(1)petpet()(1)ttt11ttttt2015/5/14MinGongCMRatXMU37.1CompetitiveEquilibrium:EndowmentEconomy•7.1.1Date‐0MarketCompetitiveEquilibrium–RHt0max[uc(0)]1c1(0)pc(0)pe(0)m01012015/5/14MinGongCMRatXMU422015/5/147.1CompetitiveEquilibrium:EndowmentEconomy•7.1.1Date‐0Mark

3、etCompetitiveEquilibrium–Marketclearingctctetet()()()()tttt112015/5/14MinGongCMRatXMU57.1CompetitiveEquilibrium:EndowmentEconomy•7.1.2SequentialMarketCompetitiveEquilibrium–RHt0maxuct[()]uct[(1)]tt{(),(1);(ctctttstt1)}ctst()(1)et()tttct(1)(1et)(1)(1rst)ttt1t2015/5/14Mi

4、nGongCMRatXMU632015/5/147.1CompetitiveEquilibrium:EndowmentEconomy•7.1.2SequentialMarketCompetitiveEquilibrium–RHt0max[uc(0)]1c1(0)ce(0)(0)(1r)m1102015/5/14MinGongCMRatXMU77.1CompetitiveEquilibrium:EndowmentEconomy•7.1.2SequentialMarketCompetitiveEquilibrium–marketclearingctctetet(

5、)()()()tttt112015/5/14MinGongCMRatXMU842015/5/147.1CompetitiveEquilibrium:EndowmentEconomy•7.1.2SequentialMarketCompetitiveEquilibriumst(2)(1)(1rst)tt11tsr(0)(1)m10TsT(1)(1)rmTi0i2015/5/14MinGongCMRatXMU97.1CompetitiveEquilibrium:EndowmentEconomy•7.1.2SequentialMarketCo

6、mpetitiveEquilibriumct(1)et(1)ttct()et()tt11rrtt11pptt11ct()ct(1)et()et(1)ttttpptt2015/5/14MinGongCMRatXMU1052015/5/14et()t，7.1CompetitiveEquilibrium:EndowmentEconomy•7.1.3ThreeBasicDifferencesoftheOLGModel–CompetitiveequilibriamaybeParetosuboptimalpu'[()]ctc(t1)ttt1r

7、t1puct'[(1)]ct()tt1t2015/5/14MinGongCMRatXMU117.1CompetitiveEquilibrium:EndowmentEconomy•7.1.3ThreeBasicDifferencesoftheOLGModel–CompetitiveequilibriamaybeParetosuboptimalett()ett(1)1ptt02015/5/14MinGongCMRatXMU1262015/5/147.1CompetitiveEquilib