Ascendant altruism and asset price bubbles

Stefano Bosi (University of Evry Paris-Saclay) & Thai Ha-Huy (University of Evry Paris-Saclay) & Cao-Tung Pham & Ngoc-Sang Pham (EM Normandie Business School)

 

We consider an overlapping generations economy with altruism toward parents and a long-lived asset that delivers no dividends (pure bubble asset). We explore the role of ascendant altruism on the dynamic properties of equilibrium and rational bubbles in the cases of exogenous and endogenous growth.

 

Published in

International Journal of Economic Theory, 2022


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