In this paper we deal with an Overlapping Generations Model with production under three diverse assumptions about agents rationality; rational, adaptive and myopic expectations. We determine a uniqueness condition for stationary steady states in the model with perfect foresight which rests on...

It is shown that rent-seeking contests with continuous and independent type distributions possess a unique pure-strategy Nash equilibrium.

Constant returns to scale (CRS) is one of the corner-stones of the competitive general equilibrium paradigm of neoclassical economics. This note argues that the equilibrium solutions of this paradigm are not compatible with CRS. CRS implies that all producers (whatever their scale of production)...