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...

We present and test the idea that bequest planning is linked with the experience of inheriting. We consider "a family tradition of bequeathing" as a channel through which the intention to bequeath is molded by and is positively correlated with the experience of inheriting. We use data from the...

A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension and the relative shares of the two systems may be explained and are determined by the population growth rate, technological growth, the time-preference discount rate, the...