TY - JOUR
T1 - Economic Growth With Intergenerational Altruism
AU - Bernheim, B. Douglas
AU - Ray, Debraj
N1 - Funding Information:
Acknowledgement. This work was supported by National Science Foundation Grants SES-8201373 and SES-8404164 at the Institute for Mathematical Studies in the Social Sciences, Stanford University. The authors wish to thank Tapan Mitra, participants in the Stanford-Berkeley Joint Theory seminar and the IMSSS workshop, and anonymous referees for helpful comments. Lucia Alviano, Jeanne Dowd, Debbie Olson and Dzung Pham provided much appreciated technical assistance.
PY - 1987/4
Y1 - 1987/4
N2 - We consider the properties of equilibrium behaviour in an aggregative growth model with intergenerational altruism. Various positive properties such as the cyclicity of equilibrium programs, and the convergence of equilibrium stocks to a steady state, are analyzed. Among other normative properties, it is established that under certain natural conditions, Nash equilibrium programs are efficient and “modified Pareto optimal”, in a sense made clear in the paper, but never Pareto optimal in the traditional sense.
AB - We consider the properties of equilibrium behaviour in an aggregative growth model with intergenerational altruism. Various positive properties such as the cyclicity of equilibrium programs, and the convergence of equilibrium stocks to a steady state, are analyzed. Among other normative properties, it is established that under certain natural conditions, Nash equilibrium programs are efficient and “modified Pareto optimal”, in a sense made clear in the paper, but never Pareto optimal in the traditional sense.
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U2 - 10.2307/2297513
DO - 10.2307/2297513
M3 - Article
AN - SCOPUS:0000716174
SN - 0034-6527
VL - 54
SP - 227
EP - 243
JO - Review of Economic Studies
JF - Review of Economic Studies
IS - 2
ER -