This paper develops a model of inter vivos gifts and bequests in a setting of moral hazard and adverse selection. Altruistic parents do not perfectly know how much effort their children make to earn their living nor do they know their true level of ability. Inter vivos gifts take place prior to...

When educational policy is supplemented by a redistributive income tax, and when individualsdiffer in their ability to benefit from education, the optimal policy is typically rather regressive.Resources are concentrated on the most able individuals in order to get a "cake" as big aspossible to...

In a number of countries one observes a steady decline in defined benefits pensions schemes,public or private, funded or unfunded, and a simultaneous expansion of defined contributionsplans. One of the consequences of this trend is to deprive individuals at the time of theirretirement from the...