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| Author: | Wirl, F. Feichtinger, G. |
| Title: | Intrafamiliar consumption and saving under altruism and wealth considerations |
| Journal: | Economica
2002 : FEB, VOL. 69:273, p. 93-111 |
| Index terms: | Consumption Resource allocation Wealth Markov chains Econometric models |
| Language: | eng |
| Abstract: | This paper introduces a non-cooperative and dynamic framework of intrafamiliar decisions where the partners obtain utility from own consumption, account for the partner's benefit from consumption, and appreciate wealth. Stationary wealth decreases with respect to altruism under cooperation, but increases in the subgame- perfect equilibrium in (linear) Markov-perfect strategies. Moreover, non-cooperation reduces savings and altruism mitigates this effect. |
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