Two-sided altruism, Lindahl equilibrium, and Pareto optimality in overlapping generations models
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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Volume (Year): 27 (2006)
Issue (Month): 3 (04)
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