Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/159143
Authors: 
Rovelli, Riccardo
Fulghieri, Paolo
Bhattacharya, Sudipto
Year of Publication: 
1997
Series/Report no.: 
Quaderni - Working Paper DSE 300
Abstract: 
We consider the transitions among intragenerational and alternative intergenerational financing and liquidity risk-sharing mechanisms, in an Overlapping Generations model with endogenous levels of long-lived investments. The existence and characterization of a Self-Sustaining Mechanism, stable across generations, are established. The long-run equilibrium outcome, in a Proposal Game across generations, is shown to depend on the risk-aversion and propensity for early liquidity needs of the agents.
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Working Paper

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