The integrability problem of asset prices

Article Abstract:

An analysis of the integrability problem associated with asset prices is presented. The analysis focuses on asset prices set in a discrete-time stochastic market which is described by concave utility function and a positive time preference rate. A modification ofthe given conditions which approaches opposite conditions including continuous time frames is then considered. It is shown that under the second environment, a non-decreasing and concabe utility function can be identified.

Prices and rates, Assets (Accounting)

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Dynamic allocation in an altruistic overlapping generations economy

Article Abstract:

A study investigated the dynamic allocation of resources and consumption in an altruistic economy where people live two periods and pairs of generations live in the same period. The altruism is intergenerational, extends to both child and parent generations and is non-paternalistic. The object of the study was to address the issue of whether or not there exists a social security program which can be maintained successively from one period to another.

Economics, Research and Development in the Social Sciences and Humanities, Econometrics & Model Building, Models, Usage, Econometrics, Mathematical models, Social security, Game theory, Resource allocation, Business models, Economic security, Income maintenance programs

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Random earnings differences, lifetime liquidity constraints, and altruistic intergenerational transfers

Article Abstract:

A model of private savings behavior is presented. The model assumes that households care for future descendants, always have positive net worth and carry lifetime earnings based on random samples from an exogenous abilities distribution. It is shown that a stationary cross-sectional wealth distribution which is endogenously determined is valid. In addition, interest rates must not follow Ricardian principles in the long-run.

Wages, Wages and salaries

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