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| Author: | Walque, G. de Gevers, L. |
| Title: | Heterogeneous dynasties and the political economy of public debt |
| Journal: | Scandinavian Journal of Economics
2001 : VOL. 103:3, p. 369-389 |
| Index terms: | ALTRUISM DEBT OVERLAPPING-GENERATIONS MODELS POLITICAL ECONOMY PUBLIC SECTOR VOTING |
| Language: | eng |
| Abstract: | The authors consider a small open overlapping generations economy with descending altruism. Heterogeneity is introduced by assuming that each parent procreates a fixed proportion of selfish children. Altruistic parents can recognize the type of each children. There is no Ricardian equivalence and an active public intergenerational transfer policy is attractive to altruistic dynasty members, although there may be no unanimity among them. The authors display reasonable conditions for indirect preferences to be single-peaked and they apply the median voter theorem. |
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