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The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth.In contrast to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.
Non-overlapping generations is one of the characteristics that needs to be met in the Hardy–Weinberg model for evolution to occur. This is a very restrictive and unrealistic assumption, but one that is difficult to dispose of.
A major feature which sets overlapping generations models in economics apart from the standard model with a finite number of infinitely lived individuals is that the First Welfare Theorem might not hold—that is, competitive equilibria may be not be Pareto optimal.
Macroeconomics, where he popularized the overlapping generations model as a way to analyze economic agents' behavior across multiple periods of time, [30] developed multiplier-accelerator model, [31] analyzed Phillips curve, [32] and contributed to formation of the neoclassical synthesis.
Genetic algorithms have increasingly been applied to economics since the pioneering work by John H. Miller in 1986. It has been used to characterize a variety of models including the cobweb model, the overlapping generations model, game theory, schedule optimization and asset pricing.
In the 1980s, the median home price in the U.S. was $47,200 ($170,000 adjusted for inflation). In 2025, the median home price is $400,000, and wages are failing to keep up.
How Old Is Generation Z? Members of Generation Z were born between 1997 and 2012, making them 12 to 27 years old. There are 69.5 million of them, and famous members include Greta Thunberg, Lil Nas ...
In the Spear and Wright Macroeconomic Dynamics interview with Cass, [1] he indicates that his work with Manny Yaari at Yale constituted his introduction to Samuelson's consumption loans (now overlapping generations) model, which would come front and center as a major workhorse model in Cass's subsequent work with Karl Shell on sunspot ...