Search results
Results from the WOW.Com Content Network
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.
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.
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.
Suppose there are t non-overlapping generations, then effective population size is given by the harmonic mean of the population sizes: [19] = = For example, say the population size was N = 10, 100, 50, 80, 20, 500 for six generations (t = 6).
Move over, Wordle, Connections and Mini Crossword—there's a new NYT word game in town! The New York Times' recent game, "Strands," is becoming more and more popular as another daily activity ...
Although the initial work in the area was in the context of the overlapping generations model, Jess Benhabib and Farmer [20] and Farmer and Guo [21] showed that representative agent models with increasing returns to scale in production also lead to business cycle models driven by self-fulfilling prophecies. [20] [22]