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How do families behave dynamically? We provide a framework for studying economic problems in which family behavior is essential. Our key innovation is the inclusion of imperfectly altruistic agents in an otherwise standard consumption–savings problem with exogenous income risk. This gives rise...
Persistent link: https://www.econbiz.de/10011599669
This paper studies a dynamic Markovian game of two infinitely-lived altruistic agents without commitment. Players can save, consume and give transfers to each other. We identify a continuum of equilibria in which imperfectly-altruistic agents act as if they were a perfectly-altruistic dynasty...
Persistent link: https://www.econbiz.de/10010744711
Persistent link: https://www.econbiz.de/10011546648
How do families behave dynamically? We provide a framework for studying economic problems in which family behavior is essential. Our key innovation is the inclusion of imperfectly altruistic agents in an otherwise standard consumption-savings problem with exogenous income risk. This gives rise...
Persistent link: https://www.econbiz.de/10011757337