Intergenerational altruism and the environment
This paper constructs an overlapping generations model of pollution externality wherein individ- uals are altruistically linked to their offspring as in Barro (1974). It is shown that steady-state consumption can be a decreasing function of the intergenerational degree of altruism. Despite individuals’ altruism, the competitive equilibrium is not optimal. We thus study the social optimum and prove that it can be decentralised.
|Date of creation:||01 Jun 1997|
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