UNIQUENESS OF STEADY STATES IN MODELS WITH OVERLAPPING GENERATIONS
研究了确定性世代交叠交换经济中多重实稳态的可能性，发现寿命越长多重性越不可能，风险厌恶系数越高则越可能，中等风险厌恶下寿命五期以上时多重性极罕见。
In this paper we examine the likelihood of multiple real steady states in deterministic exchange economies with overlapping generations. There is a single good and a single agent per generation with constant relative risk aversion expected utility. In order to test for multiple equilibria we employ methods from computational algebraic geometry. In our examples, we find that multiplicity becomes less likely as the life span of agents increases but becomes more likely as the coefficient of risk aversion increases. For moderate values of risk aversion, multiplicity is very unlikely when agents live for five or more periods.