Economic Dynasties with Intermissions |
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| Authors: | Louis Gevers Philippe Michel |
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| Institution: | aFUNDP, B-5000, Namur, Belgium;bCORE, B-1348, Louvain-la-Neuve, Belgium;cGREQAM, F-13002, Marseille, France |
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| 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.Journal of Economic LiteratureClassification Numbers: D31, D64, D91, H63. |
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