Chapter 15 Intergenerational altruism and neoclassical growth models

Financial bubbles and capital accumulation in altruistic economies

“…4 The reader is referred to Michel et al (2006) for a review of altruism and Galperti and Strulovici (2017) for an axiomatic theory of intergenerational altruism.…”

Like Father, Like Son: Inheriting and Bequeathing

“…While it is well‐known that economic models with externalities in preferences or technology may exhibit multiple steady states [see, e.g., Azariadis and Drazen () or Michel et al . ()], the channel highlighted in the present paper, namely changes in the attitude towards leaving bequests and indirect reciprocal behavior, has not been discussed before.…”

On sustainable growth and collapse: Optimal and adaptive paths

“…In the former case utility function of a generation is the weighted sum of utility from own life-cycle consumption plus the next generations utility, whereas in models of paternalistic altruism bequests to the next generation have the properties of a consumption good and are evaluated according to the current generations preferences (see Michel et al, 2006). Since in our setup estimated consumption of future generations, c 1 is (for a given current capital stock) determined by the capital stock left to the following generation, u ' ð:Þ has the properties of a paternalistic altruism utility function.…”