This paper investigates the impact of demographic shocks and budgetary policy on the welfare of all generations. For this purpose, we build a large scale OLG model that captures most crucial variables for the analysis of population shocks consequences in France. We introduce life uncertainty...

This paper presents various effects of three simulated reforms of the European pay-as-you-go system. These are investigated with INGENUE : a multi-region, general equilibrium, overlapping-generation model of the world economy. Reforms are presented around a baseline scenario where constant...

We study a trading process for a pure exchange economy with overlapping generations. This process is based on the maximization, at each stage, of a collective benefit (or surplus). We show that this process converges to a Pareto-optimal allocation. This extends the second fundamental convergence...

Available characterizations of the various notions of stochastic dominance concern continuous random variables. Yet, discrete random variables are often used either in pedagogical presentations of stochastic dominance or in experimental tests of this notion. This note provides complete...

In this paper, we study the dynamics of legal convergence and the comparison between the different instruments of legal convergence based on cooperative strategies (i.e., harmonization and unification) or not. To study these questions we use a model with two nation-states which is inspired in...

This paper presents another definition of substitutes and complements. It follows a dual approach using the Luenberger's benefit function. The benefit function measures the amount of a reference bundle that an individual would be willing to give up to move from a given utility level to any...