The empirical literature was unable to conclude whether intergenerational transfers are motivated mainly by altruistic or strategic motivations. I suggest that both may be plausible, namely that people are neither pure altruists who derive utility simply from being good to others, nor pure...

Individuals can insure themselves perfectly against uncertainty about the length of life by purchasing deferred annuities early in life. In the absence of other uninsurable uncertainties (e.g., income), there will be no residual purchases or sales of annuities later in life, thereby avoiding...