Disequilibrium Dynamics With Naive Agents in the Overlapping Generations Model With Money
Title: Disequilibrium Dynamics With Naive Agents in the Overlapping Generations Model With Money
Author: SACCO, Pier Luigi
Citation: Mathematical Social Sciences, 1993, 26, 2, 139-155
This paper studies the disequilibrium dynamics of the overlapping generations model with money under the assumption that agents are not aware of the strategic opportunities left open by nonequilibrium trade. The standard OG model is extended to a continuous time framework. It is found that the continuous time adjustment dynamics may be asymptotically equivalent to the discrete time generational dynamics. Some examples and comments on the general result are provided.
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