TY - JOUR

T1 - Demographic structure and overlapping generations

T2 - A simpler proof with more general conditions

AU - Gan, Zhuojiong

AU - Lau, Sau Him Paul

N1 - Funding Information:
We are grateful to Hippolyte d’Albis, Chi-shing Chan, Ron Lee, Robert Willis and a referee for comments and suggestions. Lau thanks the Research Grants Council of Hong Kong (GRF project HKU7463/08H) and University Research Committee, University of Hong Kong (project 200707176113) for financial support.

PY - 2010/5

Y1 - 2010/5

N2 - d'Albis (2007) considers a continuous-time general equilibrium overlapping-generations model with age-specific mortality rates. His proof of the existence and uniqueness of the steady-state equilibrium, which can be extended to other overlapping-generations models, relies on the shape of a function that appears in the equation defining the equilibrium. By focusing on the mean age as a function of the stable population growth rate instead of the function used in d'Albis (2007), we provide a simpler proof with more general conditions. We also obtain useful properties about the first and second derivatives of the mean age function that can be applied in future work.

AB - d'Albis (2007) considers a continuous-time general equilibrium overlapping-generations model with age-specific mortality rates. His proof of the existence and uniqueness of the steady-state equilibrium, which can be extended to other overlapping-generations models, relies on the shape of a function that appears in the equation defining the equilibrium. By focusing on the mean age as a function of the stable population growth rate instead of the function used in d'Albis (2007), we provide a simpler proof with more general conditions. We also obtain useful properties about the first and second derivatives of the mean age function that can be applied in future work.

KW - Age-specific mortality

KW - Mean age function

KW - Overlapping-generations model

KW - Steady-state equilibrium

UR - http://www.scopus.com/inward/record.url?scp=77951635287&partnerID=8YFLogxK

U2 - 10.1016/j.jmateco.2009.12.001

DO - 10.1016/j.jmateco.2009.12.001

M3 - Article

AN - SCOPUS:77951635287

SN - 0304-4068

VL - 46

SP - 311

EP - 319

JO - Journal of Mathematical Economics

JF - Journal of Mathematical Economics

IS - 3

ER -