Intergenerational Altruism and the Environment
This paper constructs an overlapping generations model of pollution externality wherein individuals are altruistically linked to their offspring as in Barro (1974). It is shown that steady state consumption may 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.
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|Date of creation:||1999|
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