Ohta, Hiroshi; Li, Ke; Kawano, Hidetaka - In: Pacific Economic Review 14 (2009) 5, pp. 593-611
The overlapping generations model presented herein requires incorporation of exactly three periods in which one lives, but makes intertemporal decision-making twice, neither once nor three times. Single decision-making at the outset, none thereafter, ignores the fact that one makes decisions...