Intertemporal Equilibrium with Myopic Altruism
AbstractWe modify the altruistic model by assuming that income, instead of the heir's utility, enters the altruist's utility function. We name this formulation "myopic" because, unlike in Barro's (1974) model, the altruist does not need to foresee into the indenite future to make his decisions. We analyze the equilibrium dynamics of an OLG model with individuals motivated by myopic altruism. We derive conditions for existence and uniqueness of the equilibrium. Unlike in Barro's model, there may exist multiple steady state equilibria with operative altruism.
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Bibliographic InfoPaper provided by Universite Aix-Marseille III in its series G.R.E.Q.A.M. with number 00a24.
Length: 17 pages
Date of creation: 2000
Date of revision:
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Postal: G.R.E.Q.A.M., (GROUPE DE RECHERCHE EN ECONOMIE QUANTITATIVE D'AIX MARSEILLE), CENTRE DE VIEILLE CHARITE, 2 RUE DE LA CHARITE, 13002 MARSEILLE.
Web page: http://www.greqam.fr/
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ECONOMIC MODELS ; INCOME ; UTILITY FUNCTIONS ; ALTRUISM;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
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- LAMBRECHT, Stéphane & MICHEL, Philippe & THIBAULT, Emmanuel, .
"Capital accumulation and fiscal policy in an OLG model with family altruism,"
CORE Discussion Papers RP
-1913, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Stéphane Lambrecht & Philippe Michel & Emmanuel Thibault, 2006. "Capital Accumulation and Fiscal Policy in an OLG Model with Family Altruism," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 8(3), pages 465-486, 08.
- LAMBRECHT, Stéphane & MICHEL, Philippe & THIBAULT, Emmanuel, 2005. "Capital accumulation and fiscal policy in an OLG model with family altruism," CORE Discussion Papers 2005027, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- MICHEL, Philippe, 2003. "Public debt and limited altruism: is Ricardian equivalence possible if altruism is limited ?," CORE Discussion Papers 2003008, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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