Intergenerational Altruism and the Environment
构建了一个代际利他主义与污染外部性并存的重叠世代模型，发现利他程度越高，稳态消费可能越低，竞争均衡非最优，但可通过政策实现社会最优。
We construct an overlapping generations model of pollution externality in which individuals are altruistically linked to their offspring as in Barro (1974). It is shown that steady‐state consumption may be a decreasing function of the intergenerational degree of altruism. Despite individuals' altruism, the competitive equilibrium is not optimal. We thus study the social optimum and show that it can be decentralized.