Abstract
Economists believe that the so called overlapping generation model, was started by Allais (1947) and subsequently pursued by Samuelson (1958), who very probably was totally unaware of Allais’ work. In truth, the notion of overlapping generations appears much older. The concept comes from the Bible. The book of Leviticus (27, 3–7) refers to the age intervals to be respected in fulfilling a vow to God:
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one month to 5 years;
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5 to 20 years;
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20 to 60 years;
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60 years and over.
“It is naught, it is naught”, saith the buyer, but when he is gone his way he boasteth. (Proverbs 20, 14)
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© 1994 Springer-Verlag Berlin Heidelberg
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Nicola, P.C. (1994). Consumers. In: Imperfect General Equilibrium. Lecture Notes in Economics and Mathematical Systems, vol 415. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-48399-8_5
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DOI: https://doi.org/10.1007/978-3-642-48399-8_5
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-58102-4
Online ISBN: 978-3-642-48399-8
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