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On perfect equilibria in stochastic models of growth with intergenerational altruism

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Author Info

  • Andrzej Nowak

Abstract

The well-known model of altruistic growth/strategic bequest is studied. A stochastic transition function is considered and fairly general sufficient conditions for the existence of Markov-stationary subgame-perfect equilibrium are given. Also some special cases in which the equilibrium policy is continuous and nondecreasing are discussed. Copyright Springer-Verlag Berlin/Heidelberg 2006

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File URL: http://hdl.handle.net/10.1007/s00199-004-0609-y
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 28 (2006)
Issue (Month): 1 (05)
Pages: 73-83

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Handle: RePEc:spr:joecth:v:28:y:2006:i:1:p:73-83

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Web page: http://link.springer.de/link/service/journals/00199/index.htm

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Related research

Keywords: Intergenerational game; Perfect equilibrium; Stochastic model of growth.;

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Cited by:
  1. Jakub Growiec & Lukasz Wozny, 2010. "Intergenerational interactions in human capital accumulation," National Bank of Poland Working Papers 71, National Bank of Poland, Economic Institute.
  2. Nowak, Andrzej S., 2006. "A multigenerational dynamic game of resource extraction," Mathematical Social Sciences, Elsevier, vol. 51(3), pages 327-336, May.
  3. Marcello D’Amato & Vincenzo Galasso, 2008. "Political Intergenerational Risk Sharing," Working Papers 342, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  4. John Duggan & Tasos Kalandrakis, 2007. "Dynamic Legislative Policy Making," Wallis Working Papers WP45, University of Rochester - Wallis Institute of Political Economy.
  5. Łukasz Balbus & Kevin Reffett & Łukasz Woźny, 2013. "Markov Stationary Equilibria in Stochastic Supermodular Games with Imperfect Private and Public Information," Dynamic Games and Applications, Springer, vol. 3(2), pages 187-206, June.
  6. Balbus, Łukasz & Reffett, Kevin & Woźny, Łukasz, 2013. "A constructive geometrical approach to the uniqueness of Markov stationary equilibrium in stochastic games of intergenerational altruism," Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 1019-1039.
  7. Andrzej Nowak, 2006. "A note on an equilibrium in the great fish war game," Economics Bulletin, AccessEcon, vol. 17(2), pages 1-10.
  8. Balbus, Łukasz & Reffett, Kevin & Woźny, Łukasz, 2012. "Stationary Markovian equilibrium in altruistic stochastic OLG models with limited commitment," Journal of Mathematical Economics, Elsevier, vol. 48(2), pages 115-132.
  9. repec:ebl:ecbull:v:17:y:2006:i:2:p:1-10 is not listed on IDEAS

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