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VOL. 53 | 2009 Equilibrium dynamics in an overlapping generations economy with endogenous labor supply
Atsue Mizushima

Editor(s) Saber Elaydi, Kazuo Nishimura, Mitsuhiro Shishikura, Nobuyuki Tose

Abstract

This paper develops a two–period overlapping generation model to examine the behavior of an economy that incorporates endogenous labor–care choice. Assuming a log–linear utility function and a Cobb–Douglas production function, we show that there exists multiple equilibria, comprising a unique trajectory satisfying saddle–path stability and other equilibria, which have an infinite number of converging transition paths.

Information

Published: 1 January 2009
First available in Project Euclid: 28 November 2018

zbMATH: 1184.91126
MathSciNet: MR2582416

Digital Object Identifier: 10.2969/aspm/05310169

Subjects:
Primary: J22, O40

Rights: Copyright © 2009 Mathematical Society of Japan

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