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Olg model question for my hw, please help

 
 
Reply Tue 28 Apr, 2020 09:47 am
Propose an overlapping generations model that focuses on the impact of wealth
upon an individual’s health status (and vice versa). First, answer the following
questions:
• What are you aiming to explain with this model? What is your question?
What is the motivation?
• What (if any) has been done about this topic in the academic literature?
• What are the assumptions in your model? (The meaning of each and every
parameter and how the equations are set) Is there any empirical evidence
that supports the assumptions of your model?
• Why is this model useful? What does it tell us?
Second, write the appropriate first order conditions of optimality associated with
each agent’s problem and characterize the equilibrium. Discuss the stability of
the model dynamics. Finally, interpret your model and its results briefly.
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livinglava
 
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Reply Tue 28 Apr, 2020 10:44 am
@loverofcutie,
loverofcutie wrote:

Propose an overlapping generations model that focuses on the impact of wealth
upon an individual’s health status (and vice versa). First, answer the following
questions:
• What are you aiming to explain with this model? What is your question?
What is the motivation?
• What (if any) has been done about this topic in the academic literature?
• What are the assumptions in your model? (The meaning of each and every
parameter and how the equations are set) Is there any empirical evidence
that supports the assumptions of your model?
• Why is this model useful? What does it tell us?
Second, write the appropriate first order conditions of optimality associated with
each agent’s problem and characterize the equilibrium. Discuss the stability of
the model dynamics. Finally, interpret your model and its results briefly.

Is your teacher working on a PhD or trying to publish research? It sounds like it because the way this question is set up, it just makes you do a literature search and come up with the idea of a model for your own research.

Basically your teacher is teaching you to do what s/he does.
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