CORE EQUIVALENCE IN AN OVERLAPPING GENERATIONS MODEL

In this paper, we place the "short term core" of Aliprantis and Burkinshaw in the chart of core-like sets in overlapping generations models. For the limit of replica economis, it is shown that the short term core is equivalent to Chae′s short run core and therefore to the set of competitive equilibrium allocations in the special case where each generation consists of only one type of agents who consume the same consumption vector, but that in general the short term core is not equivalent to the set of competitive equilibrium allocations. Another result of the paper is a sufficient condition for a competitive equilibrium allocation to be in the core. Journal of Economic Literature Classification Numbers: D50, D90, C70. © 1993 by Academic Press, Inc.