We study a growth model with two types of agents who are heterogeneous in their degree of family altruism. We prove … that every equilibrium path converges to a unique steady state, and study the effect of altruism on the properties of … steady-state equilibrium. We show that aggregate income is positively related to both level of altruism and altruism …

efficiency wages. A second reason is that people care about relative incomes and become unhappy if others earn and consume much …

model with dynastic altruism and resource dependence. If the strength of habits is below a critical level, the competitive …