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Ascendant altruism and asset price bubbles

Author

Listed:
  • Stefano Bosi
  • Thai Ha‐Huy
  • Cao‐Tung Pham
  • Ngoc‐Sang Pham

Abstract

We consider an overlapping generations economy with altruism toward parents and a long‐lived asset that delivers no dividends (pure bubble asset). We explore the role of ascendant altruism on the dynamic properties of equilibrium and rational bubbles in the cases of exogenous and endogenous growth.

Suggested Citation

  • Stefano Bosi & Thai Ha‐Huy & Cao‐Tung Pham & Ngoc‐Sang Pham, 2022. "Ascendant altruism and asset price bubbles," International Journal of Economic Theory, The International Society for Economic Theory, vol. 18(4), pages 532-551, December.
    • Handle: RePEc:bla:ijethy:v:18:y:2022:i:4:p:532-551
    DOI: 10.1111/ijet.12330
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    More about this item

    JEL classification:

    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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