In this paper, Samuelson's simplified version of the Easterlin theory (Samuelson 1976) is extended to a continuous-time model with three age groups. This approach enables one to apply the qualitative theory of non-linear differential equations to show the existence of Easterlin-type cycles. In contrast to the discrete time model we obtain information about the period length of the cycle.
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This research was supported by the Austrian Science Foundation under grant P6601.
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Feichtinger, G., Sorger, G. Self-generated fertility waves in a non-linear continuous overlapping generations model. J Popul Econ 2, 267–280 (1989). https://doi.org/10.1007/BF00171004
- Differential Equation
- Generation Model
- Discrete Time
- Time Model
- Period Length