@article{cbbcec5f35df46ac827f851db05539ad,
title = "Markov perfect equilibria in altruistic growth economies with production uncertainty",
abstract = "This paper concerns the existence of Markov perfect equilibria in altruistic growth economies. Previous work on deterministic models has established existence only under extremely restrictive conditions. We show that the introduction of production uncertainly yields an existence theorem for aggregative infinite horizon models with very general forms of altruism.",
author = "Bernheim, {B. Douglas} and Debraj Ray",
note = "Funding Information: * We are grateful for helpful conversations with Peter Hammond, Christopher Harris, and James Mirrlees, and to an anonymous referee for useful suggestions. An earlier version of this paper was circulated as Technical Report No. 467, Institute for Mathematical Studies in the Social Sciences, Stanford University (June 1985). Ray thanks the Department of Economics. Stanford University, his affiliation when the first draft of this paper was written. This research was supported by National Science Foundation Grant S&S-84-04164 at the Institute for Mathematical Studies in the Social Sciences, Stanford University, Stanford, Ca.. i Alternatively, each generation might derive utility from its own consumption and the utilities of its descendants. This “non-paternalistic” formulation raises different issues, but we do not consider them here (see, e.g., Pearce [17], Ray [19], Streufert [ZO]).",
year = "1989",
month = feb,
doi = "10.1016/0022-0531(89)90109-9",
language = "English (US)",
volume = "47",
pages = "195--202",
journal = "Journal of Economic Theory",
issn = "0022-0531",
publisher = "Academic Press Inc.",
number = "1",
}