| Sumario: | In order to analyze whether there exists a social security program that can be maintained period after period, the writer presents a model of dynamic allocation in an altruistic overlapping generations economy. He derives a utility function in which the altruism is intergenerational, nonpaternalistic, and two-sided. In addition, he assumes that generations coexisting in the same period come to a consensus on a social welfare function, which appraises the consumption of various generations, and play a game against those living in different periods. He demonstrates that a perfect equilibrium of this game exists and explores its properties.
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