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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.
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.
Coalescent theory is a model of how alleles sampled from a population may have originated from a common ancestor.In the simplest case, coalescent theory assumes no recombination, no natural selection, and no gene flow or population structure, meaning that each variant is equally likely to have been passed from one generation to the next.
Non-overlapping generations are found in species in which the adult generation dies after one breeding season. If a species for instance can only survive winter in the juvenile state the species will automatically consist of non-overlapping generations. The bee Amegilla dawsoni, an example of a species with non-overlapping generations
This argumentation can be found in the composition of taxation in overlapping generation models, e.g. Auerbach, Kotlikoff and Skinner (1983). [10] While criticisms of the Chamley–Judd model vary, a central theme attacks its critical assumption regarding infinite lives, which can also be interpreted as dynastic linkages. [11]
Gen Z was born between 1997 and 2012 and is considered the first generation to have largely grown up using the internet, modern technology and social media.
These questions spawned a large literature on determinacy in dynamic economies in which the welfare theorems broke down. These include overlapping generations models, growth models with externalities or taxes, and models in which asset markets were incomplete. All were shown to allow the existence of sunspot equilibria.