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Economic dynasties with intermissions

Author

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  • GEVERS, Louis

    (FUNDP, Namur, Belgium and CORE, Louvain-la-Neuve, Belgium)

  • MICHEL, Philippe

    (GREQAM, Marseille, France)

Abstract

We consider a model of successive generations with a fixed proportion of selfish and altruistic members in each individual's offspring. In contrast with the others, selfish members bequeath nothing to their own children. We assume that parents cannot recognize their heirs' types and that negative bequests are forbidden. We study Markov perfect equilibria of this multistage game of incomplete information and their implications for wealth distribution.

Suggested Citation

  • GEVERS, Louis & MICHEL, Philippe, 1998. "Economic dynasties with intermissions," LIDAM Discussion Papers CORE 1998012, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1998012
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1998.html
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    Cited by:

    1. Cremer, Helmuth & Pestieau, Pierre & Rochet, Jean-Charles, 2003. "Capital income taxation when inherited wealth is not observable," Journal of Public Economics, Elsevier, vol. 87(11), pages 2475-2490, October.
    2. Michel, Philippe & Thibault, Emmanuel & Vidal, Jean-Pierre, 2006. "Intergenerational altruism and neoclassical growth models," Handbook on the Economics of Giving, Reciprocity and Altruism, in: S. Kolm & Jean Mercier Ythier (ed.), Handbook of the Economics of Giving, Altruism and Reciprocity, edition 1, volume 1, chapter 15, pages 1055-1106, Elsevier.

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