Markov-perfect equilibria in intergenerational games with consistent preferences
This paper considers the subgame-perfect equilibria, in Markov strategies, of an abstract intergenerational game in which the generations' preferences are consistent in the sense that they admit recursive aggregators. Given biconvergence, we show that such equilibria exist and are equivalent both to the solutions of Bellman's recursive optimality equations and to the optima of the first generation's utility function. These results are then applied to a simple model casting new light on the neutrality of government debt, and to another accommodating impure altruism. Finally, two new examples crisply illustrate how the paper's equivalences fail when biconvergence fails.
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- Nonpaternalistic intergenerational altruism
- On the existence of subgame-perfect equilibrium in infinite-action games of perfect information
- Optimal growth with many consumers
- Ordinal Dynamic Programming
- Recursive utility and the Ramsey problem
- Reexamination of the perfectness concept for equilibrium points in extensive games
- Risk-Bearing and the Theory of Income Distribution
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- The Inverse Optimal Problem: A Dynamic Programming Approach
- Utility functionals with nonpaternalistic intergenerational altruism
- An abstract topological approach to dynamic programming
- Does backwards induction imply subgame perfection?
- A note on Markov perfect equilibria in a class of non-stationary stochastic bequest games
- Intergenerational contracts and their decomposition
- Continuous time finite state mean field games
- Rawlsian Intergenerational Justice as a Markov-Perfect Equilibrium in a Resource Technology
- Markov-perfect equilibria in intergenerational games with consistent preferences
- Bequest games with unbounded utility functions
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