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Parental altruism, life expectancy and dynamically inefficient equilibria Author info | Abstract | Publisher info | Download info | Related research | Statistics d'Albis, Hippolyte
Decreuse, Bruno
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This paper presents a continuous time overlapping-generation (OLG) model which generalizes the Blanchard-Buiter-Weil model and clarifies the relationships between dynastic altruism, the length of planning horizons, and dynamic inefficiency. Our main innovation relies on the introduction of parental altruism, whose intensity is variable. We first show that parental altruism and life expectancy do favor overaccumulation. Second, we give a condition that explains why the Ramsey model may only display dynamic efficiency. These theoretical results are illustrated by a parameterization from US data. Our numerical exercises suggest that the US economy is dynamically efficient, mainly because of the shortness of life expectancy.
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Article provided by Elsevier in its journal Journal of Economic Dynamics and Control .
Volume (Year): 33 (2009)
Issue (Month): 11 (November)
Pages: 1897-1911
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Handle: RePEc:eee:dyncon:v:33:y:2009:i:11:p:1897-1911Contact details of provider: Web page: http://www.elsevier.com/locate/jedc
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Keywords: Overlapping-generations models Productive capital Dynamic (in)efficiency Intergenerational altruism ; Other versions of this item:
Paper D'ALBIS Hippolyte & DECREUSE Bruno, 2007.
"Parental altruism, life expectancy and dynamically inefficient equilibria ,"
Working Papers
07.10.231, LERNA, University of Toulouse.
[Downloadable!] d'Albis, Hippolyte & Decreuse, Bruno, 2007.
"Parental altruism, life expectancy and dynamically inefficient equilibria ,"
MPRA Paper
3629, University Library of Munich, Germany.
[Downloadable!] Hippolyte D'Albis & Bruno Decreuse, 2007.
"Parental Altruism, Life Expectancy, And Dynamically Inefficient Equilibria ,"
Working Papers
halshs-00353112_v1, HAL.
[Downloadable!] References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Galor, Oded & Ryder, Harl E., 1991.
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Prescott, Edward C., 1986.
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Other versions: Bullard, James & Russell, Steven, 1999.
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Saint-Paul, Gilles, 1992.
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Weil, Philippe, 1989.
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repec:cup:cbooks:9780521001151 is not listed on IDEAS
Cass, David, 1972.
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Journal of Economic Theory ,
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[Downloadable!] (restricted)
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