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Strategic Intergenerational Bequests with Stochastic Convex Production

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  • Amir, Rabah

Abstract

This note reconsiders the well-known model of strategic bequest/altruistic growth, but with stochastic production satisfying a strong convexity condition: The probability that the next stock exceeds any given level is concave in investment. Existence of a Markov-stationary equilibrium consumption schedule, which is continuous and with all slopes in [0, 1], is established. Under smooth data and inferiority assumptions, this schedule is differentiable, and marginal consumption is in (0,1). This property allows for a rigorous and straightforward treatment of the equilibrium characterization problem.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 8 (1996)
Issue (Month): 2 (August)
Pages: 367-76

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Handle: RePEc:spr:joecth:v:8:y:1996:i:2:p:367-76

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Cited by:
  1. Lukasz Wozny & Jakub Growiec, 2012. "Intergenerational Interactions in Human Capital Accumulation," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 12(1), pages 20.

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