Strategic Intergenerational Bequests with Stochastic Convex Production

Rabah Amir ()

No 1994025, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: This note reconsiders the well-known model of strategic bequest / altruistic growth, but with stochastic production satisfying a strong convexity condition. Existence of a Markov-stationary equilibrium consumption schedule, which is continuous and with all slopes in [0,1]' is established. Under smooth data and interiority assumptions, this schedule is differentiable, and marginal consumption is in (0,1).

Date: 1994-05-01
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Related works:
Journal Article: Strategic intergenerational bequests with stochastic convex production (1996)
Journal Article: Strategic Intergenerational Bequests with Stochastic Convex Production (1996)
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