This study examines the level of public investment in environmental quality when there are private alternatives. Public investment is chosen by majority voting. When consumption and environmental quality are complementary, one may observe a solution of the type “ends against the middle.” The...

We construct an overlapping generations model of pollution externality in which individuals are altruistically linked to their offspring as in Barro (1974). It is shown that steady-state consumption may be a decreasing function of the intergenerational degree of altruism. Despite individuals...

Two agents sequentially contracts with different principals under moral hazard. If agents care for one another, the second principal gains by insuring them over first wages. Even with independent tasks, the first principal must offer riskier payments to induce effort.

This Paper explores the effects of a menu of inter-generational fiscal policies (public debt financed by taxes, PAYG social security system and inheritance taxation) in an overlapping generations model with perfect altruism. It generalizes the model by Barro (1974) by introducing...