We contrast private and public ownership of environment in their ability to internalize the negative externality associated to the urge of the environment in the production process. This paper constructs a dynamic general equilibrium model with overlapping generations and property rights on...

Private property in land has often been criticized because it is supposed to bring about a waste of productive resources weakening economic growth. Indeed, because it is non reproductible, land earns a rent which increases in a growing economy and whose capitalization decreases the "productive"...

This article examines the long-run equilibrium of an overlapping- generations economy with a population consisting of altruistic agents whose degree of altruism toward their offspring is heterogeneous. It shows that the steady state capital labor ratio only depends on the degree of altruism of...

This paper investigates the macroeconomic portfolio implications of monopoly rents. We make use of a two-sectors overlapping generations model with a Cournot oligopoly in one sector. We show that when the competitive equilibrium is characterized by under-capitalization with respect to the golden...

There are different formulations of capital inertia based on costs of adjustment. The differences in the results derive essentially from the returns to scale of the revenu fonction relating production and costs. Based on an example, we study two questions bearing on the role of the anticipated...

Parental altruism plays a particular role when standard-of-living aspirations are transmitted from one generation to the next. The influence of altruistic parents is not limited to the bequest they could leave; they also direct the evolution of children's aspirations by restraining their own...

We analyze an intertemporal disequilibrium macroeconomic model under perfect foresight and with a fixed real wage. The focus is on investment behavior derived from an intertemporal optimization. The introduction of overtime work ensures the absence of discontinuities between regimes. This...

This paper analyzes the macroeconomic effects of the patents system within the framework of an endogenous growth model with new products development. We assume that patents not only represent a commercial protection for innovators but also entail a partial property right on information....

In this paper we consider the problem of compatibility between networks when the consumers of a network service value the capacity of the network itself rather than the number of users. Compatibility decisions are modelled as the outcome of a three stages game where strategies include...