Stochastic OLG models, market structure, and optimality

For a general class of pure exchange OLG economies under uncertainty, we pr ovide a complete characterization of the efficiency properties of competiti ve equilibria when markers are only sequentially complete and the criterion of efficiency is conditional Pareto optimality. We also consider a particu lar case in which markets fail to be even sequentially complete and provide a characterization when the criterion of efficiency is weakened to ex post Pareto optimality. Journal of Economic Literature Classification Numbers: D52. D61. (C) 1999 Academic Press.