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Intergenerational geometric transfers of income

Encarnación Algaba, Juan D. Moreno-Ternero, Eric Rémila, Philippe Solal

Abstract

We study intergenerational transfers of income. In our stylized model, each generation in an infinite (but countable) stream is endowed with some income. An allocation rule associates with each infinite stream another stream, thus involving intergenerational transfers of income. We single out a family of geometric rules as a consequence of imposing axioms formalizing the principles of consistency, continuity and independence (as well as the basic requirements of feasibility and scale invariance).

Intergenerational geometric transfers of income

Abstract

We study intergenerational transfers of income. In our stylized model, each generation in an infinite (but countable) stream is endowed with some income. An allocation rule associates with each infinite stream another stream, thus involving intergenerational transfers of income. We single out a family of geometric rules as a consequence of imposing axioms formalizing the principles of consistency, continuity and independence (as well as the basic requirements of feasibility and scale invariance).
Paper Structure (11 sections, 34 equations)

This paper contains 11 sections, 34 equations.

Table of Contents

  1. Introduction
  2. The model
  3. Axiomatic analysis
  4. Axioms
  5. Preliminary results
  6. The main result
  7. Further insights
  8. Discussion
  9. Appendix
  10. Proofs of the propositions
  11. Logical independence of the axioms in Theorem \ref{['charaResult']}