We give an account of an overlapping-generations experiment with multiple families in which voluntary transfers can take the form of support to the elderly or grants to children. Support to the old is a purely intergenerational (intra-family) transfer, whereas grants to children also involve an...

On an increasing scale auctions are used to allocate the licenses to operate on markets which are thought not suited for free entry. According to standard economic arguments, the license fees paid at the auction will not affect consumer prices since they constitute a sunk cost. This standard...

We study an overlapping-generations experiment with multiple families in which redistributional transfers can take the form of support to the elderly or grants to children. Supporting the old is a purely inter-generational (intra-family) transfer, whereas grants to children also involve an...