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Cass criterion : ウィキペディア英語版
Cass criterion
The Cass Criterion, also known as the Malinvaud-Cass Criterion, is a central result in theory of overlapping generations models in economics. It is named after David Cass.
A major feature which sets overlapping generations models in economics apart from the standard model with a finite number of infinitely lived individuals is that the First welfare theorem might not hold, that is competitive equilibria may be not be Pareto optimal.
If p_t represents the vector of Arrow–Debreu commodity prices prevailing in period t and if
\sum_^ \frac < \infty .

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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