Economic Growth with Intergenerational Altruism
AbstractThe authors consider the properties of equilibrium behavior in an aggregative growth model with intergenerational altruism. Various positive properties such as the cyclicity of equilibrium programs and the convergence of equilibrium stocks to a steady state, are analyzed. Among other normative properties, it is established that under certain natural conditions Nash equilibrium programs are efficient and "modified Pareto optimal" in a sense made clear in the paper, but never Pareto optimal in the traditional sense. Copyright 1987 by The Review of Economic Studies Limited.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 54 (1987)
Issue (Month): 2 (April)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527
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