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On perfect equilibria in stochastic models of growth with intergenerational altruism

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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.

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Authors and Affiliations

  1. Faculty of Mathematics, Computer Science and Econometrics, University of Zielona Góra, Podgórna 50, 65-246, Zielona Góra, POLAND

    Andrzej S. Nowak

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  1. Andrzej S. Nowak
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Correspondence to Andrzej S. Nowak.

Additional information

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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Nowak, A.S. On perfect equilibria in stochastic models of growth with intergenerational altruism. Economic Theory 28, 73–83 (2006). https://doi.org/10.1007/s00199-004-0609-y

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  • DOI: https://doi.org/10.1007/s00199-004-0609-y

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