On perfect equilibria in stochastic models of growth with intergenerational altruism |
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| Authors: | Andrzej S Nowak |
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| Institution: | (1) Faculty of Mathematics, Computer Science and Econometrics, University of Zielona Góra, Podgórna 50, 65-246 Zielona Góra, POLAND |
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| Abstract: | Summary. The well-known model of altruistic growth/strategic bequest is studied. A stochastic transition function is considered and fairly general sufficient conditions for the existence of Markov-stationary subgame-perfect equilibrium are given. Also some special cases in which the equilibrium policy is continuous and nondecreasing are discussed.Received: 20 September 2003, Revised: 11 December 2004, JEL Classification Numbers:
C73, D91, O40.Research was partially supported by KBN grant 5 PO3A 01420. |
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| Keywords: | Intergenerational game Perfect equilibrium Stochastic model of growth |
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