It has been argued that in the absence of altruism, intergenerational transfers can survive only if the old are net recipients. I prove that this need not hold in an over-lapping generations model with a fixed factor. For example, the middle-aged owning land may gain by providing public...

Modeling the Distribution and Intergenerational Transmission of Wealth; Contents; Introduction; 1. Long-Term Trends in American Wealth Inequality; 2. The Wealth of Testators and Its Distribution: Butler County, Ohio, 1803-65; 3. The Perpetuation of Wealth: A Simulation Model; 4. The Importance of...