We contrast private and public ownership of environment in their ability to internalize the negative externality associated to the urge of the environment in the production process. This paper constructs a dynamic general equilibrium model with overlapping generations and property rights on...

This article examines the long-run equilibrium of an overlapping- generations economy with a population consisting of altruistic agents whose degree of altruism toward their offspring is heterogeneous. It shows that the steady state capital labor ratio only depends on the degree of altruism of...