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Two-sided altruism, Lindahl equilibrium, and Pareto optimality in overlapping generations models

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  • Lakshmi Raut

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Abstract

This paper extends the Samuelsonian overlapping generations general equilibrium framework to encompass a variety of altruistic preferences by recasting it into a Lindahl equilibrium framework. The First and the Second Welfare theorems hold for Lindahl equilibrium with respect to the Malinvaud optimality criterion but not with respect to the Pareto optimality criterion. A complete characterization of Pareto optimal allocations is provided using the Lindahl equilibrium prices. Copyright Springer-Verlag Berlin/Heidelberg 2006

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File URL: http://hdl.handle.net/10.1007/s00199-004-0562-9
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 27 (2006)
Issue (Month): 3 (04)
Pages: 729-736

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Handle: RePEc:spr:joecth:v:27:y:2006:i:3:p:729-736

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Keywords: Altruism; Lindahl equilibrium; Pareto optimality; Overlapping generations.;

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Cited by:
  1. Lakshmi K. Raut, 1996. "Subgame perfect manipulation of children by overlapping generations of agents with two-sided altruism and endogenous fertility," Labor and Demography 9604003, EconWPA.

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