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Finance P

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The attitude favouring laws and policies which seek to control people’s actions, overriding their preferences for their own good. An example is a variables of the individual agents, rather than on their utility levels. In the overlapping generations economy the paternalistic altruism of a parent is modelled, for example, by including in their utility function the lifetime consumption or income of their offspring, rather than the offspring’s utility level; the latter approach is non-patemalistic altruism.

Reference: Oxford Press Dictonary of Economics, 5th edt.