Equilibrium for overlapping generations in continuous time

We prove the existence of general equilibrium for continuous-time overlapping-generations models. Previous theorems exclude all non-linear C.E.S, and von Neumann- Morgenstern preferences and exclude production. Our primitive assumptions are satisfied by such preferences and by all Markovian production technologies satisfying Bewley's assumptions for Arrow-Debreu models provided that storage is possible, at some finite rate of depreciation and some positive capacity. A non-existence example shows our Markovian and storage assumptions cannot be dropped. (C) 1996 Academic Press, Inc.