Bernheim, B Douglas; Bagwell, Kyle - In: Journal of Political Economy 96 (1988) 2, pp. 308-38
In this paper, the authors critique the assumption on which Robert J. Barro's dynastic model is predicated and a rgue that this framework is not a suitable abstraction in contexts in which the objective is to analyze the effects of public policies. Th ey formally consider a world in which each...