{"product_id":"9783540546498","title":"Lecture Notes in Economics and Mathematical Systems: Competitive Equilibria and the Core of Overlapping Generations Economies","description":"\u003ch1\u003eLecture Notes in Economics and Mathematical Systems: Competitive Equilibria and the Core of Overlapping Generations Economies\u003c\/h1\u003e \u003ch2\u003eEsteban, Joan\u003c\/h2\u003e \u003cp\u003eIn this book overlapping generations economies are analysed\nfrom a game     theoretical point of view and the social\nacceptability of consumption       allocations is studied in\ninfinite horizon models of pure exchange economieswith\nagents with finite lifetimes who behave cooperatively. The\ncore of such economies and its relation with competitive\nequilibria, both walrasian and monetary and the essential\ncharacteristics of the overlapping           generations model are\nexamined.\nThe author defines the problem of trust in intertemporal\nconsumption allocations as a question of belonging or not  to\nthe core of economy and provides a full characterization of\nthe core allocations for n-goods pure exchange economies\nwith one agent per          generation: a consumption allocation\nbelongs to the core if and only it is  Pareto optimal and\nSequentially Individually Rational. From this it         follows\nthat for one commodity economies no consumption                     allocation\ninvolving intertemporal transfers can belong to the core         of\nthe economy. In other words, no monetary equilibrium is\nsocially     viable. This result is no longer true for many\ngoods models. For that case  it is demonstrated that there\nexist bounds on the real value of equilibrium money\npurchases beyond which monetary equilibria are not socially\nviableand with many agents in every generation it is shown\nthat as the economy    becomes large and monetary (as well as\nIOU) equilibria become eventually    excluded from the core of\nthe economy. These results provide an analytical  rationale\nfor the fact that in most countries fiat money is                 legal\ntender.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Springer\u003c\/p\u003e \u003cp\u003ePublication Date: 1991-12-11\u003c\/p\u003e \u003cp\u003eFormat: Paperback\u003c\/p\u003e \u003cp\u003eISBN-13: 9783540546498\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-3-642-46755-4\u003c\/p\u003e \u003cp\u003eDimensions: 244cm x170cm\u003c\/p\u003e \u003cp\u003ePages: 202\u003c\/p\u003e ","brand":"Springer Berlin Heidelberg","offers":[{"title":"Default Title","offer_id":44407982751884,"sku":"9783540546498","price":49.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9783540546498.jpg?v=1774028397","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9783540546498","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}