Nonpaternalistic intergenerational altruism |
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| Institution: | 1. School of Agriculture, DISPAA Department of Agrifood Production and Environmental Sciences, University of Florence, Piazzale delle Cascine, 18, Florence 50144, Italy;2. Faculty of Business Economics, Centre for Environmental Sciences, Hasselt University, Agoralaan, Building D, Diepenbeek 3590, Belgium;1. Warsaw School of Economics and Institute for Structural Research, Poland\n;2. Centre for Economic Performance, London School of Economics and Political Science, United Kingdom\n;3. Dipartimento di Economia e Finanza, Università Cattolica di Milano, Italy and Centre for Research in Economic Analysis, Université du Luxembourg, Luxembourg |
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| Abstract: | The paper develops a concept of equilibrium behaviour and establishes its existence in a model of nonpaternalistic intergenerational altruism. Each generation derives utility from its own consumption and the utilities of its successors. Equilibrium capital stocks are time-monotone and therefore converge to a steady state. Finally. when each generation's utility depends on that of at least two successors, equilibria may be inefficient. This is shown by an example, where feasible programs exist providing greater consumption (compared to the equilibrium path) for every generation. |
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