Dynamic Efficiency in the Gifts Economy

In the standard analysis of an overlapping generations economy with gifts from children to parents, each generation takes the actions of all other generations as given. The resulting "simultaneous moves" equilibrium is dynamically inefficient. In reality, however, parents precede children in time

在包含子女向父母馈赠的世代交叠经济（overlapping generations economy）的标准分析框架内，每一代均将其他所有世代的行为视为既定条件。由此得到的“同时行动”均衡具有动态无效率特征。然而在现实中，父母在时间维度上先于子女行动。