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Forward and Backward Intergenerational Goods : A Theory of Intergenerational Exchange
Rangel, Antonio - 2000
-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/10012471256
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Bequests as Signals : An Explanation for the Equal Division Puzzle
Bernheim, B. Douglas - 2000
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/10012470959
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Parental Altruism and Inter Vivos Transfers : Theory and Evidence
Altonji, Joseph G. - 1995
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/10012473489
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Dynamic Efficiency in the Gifts Economy
O'Connell, Stephen A. - 1993
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/10012474640
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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. - 1988
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/10012476325
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Human Capital, Heterogeneity, and Estimated Degrees of Intergenerational Mobility
Han, Song - 2000
Some of the important implications of the parental investment model of intergenerational mobility have been derived under the assumption that parental income is the main source of heterogeneity. We explicitly model the variability and inheritability of innate' earnings ability and the...
Persistent link: https://www.econbiz.de/10012471089
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Intergenerational Risk Sharing
Gordon, Roger H. - 1985
In this paper, we argue that in designing government debt and tax-transfer policies, it is important to consider their implications for the allocation of risk between generations. There is no reason to presume that the market or the family can allocate risk efficiently to future generations,...
Persistent link: https://www.econbiz.de/10012477349
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The Role of Intergenerational Transfers in Aggregate Capital Accumulation
Kotlikoff, Laurence J. - 1980
This paper uses historicaI U.S. data to directly estimate the contribution of intergenerational transfers to aggregate capital accumulation. The evidence presented indicates that intergenerational transfers account for the vast majority of aggregate U .S. capital formation; only a negligible...
Persistent link: https://www.econbiz.de/10012478700
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Intergenerational Externalities
Lazear, Edward P. - 1976
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/10012478984
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The Intergenerational Transfer of Public Pension Promises
Novy-Marx, Robert - 2008
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/10012464304