Existence of equilibrium in an OLG model with production and altruistic preferences
This note deals with the existence and uniqueness of a non-trivial steady-state equilibrium in an overlapping generations (OLG) model with productive capital and altruistic agents. We establish a necessary and sufficient condition for operative bequests which extends Abel (1987) and Weil (1987). Interestingly, we prove that the OLG model with production and altruistic agents always experiences a non-trivial steady-state equilibrium.
Volume (Year): 15 (2000)
Issue (Month): 3 ()
|Note:||Received: July 16, 1998; revised version: January 29, 1999|
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