Two-Sided Altruism, Lindahl Equilibrium, and Pareto Optimality in Overlapping Generations Models

Raut, Lakshmi

Abstract

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Two-Sided Altruism, Lindahl Equilibrium, and Pareto Optimality in Overlapping Generations Models

Lakshmi K. Raut

U.S. Social Security Administration

Economic Theory, Vol. 27, No. 3, pp. 729-736, April 2006

Abstract:
This paper extends the Samuelsonian overlapping generations general equilibrium framework to encompass a variety of altruistic preferences by recasting it into a Lindahl equilibrium framework. The First and the Second Welfare theorems hold for Lindahl equilibrium with respect to the Malinvaud optimality criterion but not with respect to the Pareto optimality criterion. A complete characterization of Pareto optimal allocations is provided using the Lindahl equilibrium prices.

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Number of Pages in PDF File: 10

Keywords: Altruism, Lindahl Equilibrium, Pareto Optimality, Overlapping Generations

JEL Classification: D51, D62, D64, C62

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Date posted: November 6, 2005

Suggested Citation

Raut, Lakshmi K., Two-Sided Altruism, Lindahl Equilibrium, and Pareto Optimality in Overlapping Generations Models. Economic Theory, Vol. 27, No. 3, pp. 729-736, April 2006. Available at SSRN: http://ssrn.com/abstract=832424

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Lakshmi K. Raut (Contact Author)

U.S. Social Security Administration ( email )

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United States
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