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Forward and Backward Intergenerational Goods : A Theory of Intergenerational Exchange
Rangel, Antonio - 2022
-dynastic altruism. The main building blocks of the theory are forward and backward intergenerational goods (FIGs and BIGs) and the …This paper develops a theory of intergenerational exchange for generations that are either selfish or have non …
Persistent link: https://www.econbiz.de/10014157067
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Making Bequests Without Spoiling Children : Bequests as an Implicit Optimal Tax Structure and the Possibility that Altruistic Bequests are Not Equaliz
Kotlikoff, Laurence J.; Razin, Assaf - 2021
This paper examines the bequest\gift behavior of altruistic parents who do not know their children's abilities and cannot observe their children's work effort. Parents are likely to respond to this information problem by making larger bequests to higher earning children and by using their...
Persistent link: https://www.econbiz.de/10013222309
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Dynamic Efficiency in the Gifts Economy
O'Connell, Stephen A.; Zeldes, Stephen P. - 2021
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...
Persistent link: https://www.econbiz.de/10013232439
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Bequests as Signals : An Explanation for the Equal Division Puzzle
Bernheim, B. Douglas; Severinov, Sergei - 2021
theories regarding the determination of intergenerational transfers. In this paper, we develop a theory that accounts for this … theory can also explain the norm of unigeniture, which prevails in other societies …
Persistent link: https://www.econbiz.de/10013233015
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Parental Altruism and Inter Vivos Transfers : Theory and Evidence
Altonji, Joseph G.; Hayashi, Fumio; Kotlikoff, Laurence J. - 2021
motivated by altruism. Specifically, the paper tests whether an increase by one dollar in the income of parents actively making … standard altruism model augmented to include uncertain and liquidity constraints. These additional elements pin down the timing … heterogeneity across families in the degree of altruism. The findings strongly reject the altruism hypothesis. Redistributing one …
Persistent link: https://www.econbiz.de/10013240529
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Intergenerational Transfers, Aging, and Uncertainty
Weil, David N. - 2010
Research on intergenerational transmission of wealth has pointed to uncertainty -- about the date of one's own death, for example -- as a potential source of significant bequest flows. In this paper I examine the effects of this same uncertainty on the behavior of those who expect to receive...
Persistent link: https://www.econbiz.de/10013137648
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Taxation of Intergenerational Transfers and Wealth
Kopczuk, Wojciech - 2012
In this chapter, I review empirical and theoretical literature on taxation of intergenerational transfers (estates, bequests, inheritances, inter vivos gifts) and wealth. The main message may be summarized as follows. Empirical evidence on bequest motivations and responses to estate taxation is...
Persistent link: https://www.econbiz.de/10013097266
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Dynamic Aspects of Family Transfers
McGarry, Kathleen M. - 2012
Each year parents transfer a great deal of money to their adult children. While intuition might suggest that these transfers are altruistic and made out of concern for the well-being of the children, empirical tests of the model have consistently yielded negative results. However, an important...
Persistent link: https://www.econbiz.de/10013099538
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The Intergenerational Transfer of Public Pension Promises
Novy-Marx, Robert - 2010
The value of pension promises already made by US state governments will grow to approximately $7.9 trillion in 15 years. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We conservatively predict a 50% chance of aggregate...
Persistent link: https://www.econbiz.de/10012758358
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Intergenerational Externalities
Lazear, Edward P. - 2010
A common theme which runs through much of the investment literature is that private incentives may lead to sub-optimal levels of investment activity. The idea has been extended casually to consideration of human capital investment as well. It is sometimes contended that decisions, made by...
Persistent link: https://www.econbiz.de/10012763223