Bequests as a heir "discipline device"

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Bequests as a heir "discipline device"

Author Info

Helmuth Cremer (GREMAQ and IDEI, Université de Toulouse, France)
Pierre Pestieau (CREPP, Université de Liège and CORE, Université de Louvain, Belgium)

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Abstract

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 the realization of the children`s earnings whereas at the moment of bequests, parents do observe them. We show that an optimal transfer policy generally uses a mix of inter vivos gifts - deemed as more efficient - and bequests - deemed as more redistributive. JEL classifications: J1, J13

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Publisher Info
Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 9 (1996)
Issue (Month): 4 ()
Pages: 405-414
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Handle: RePEc:spr:jopoec:v:9:y:1996:i:4:p:405-414

Note: Received May 2, 1995 / Accepted September 21, 1995
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Related research
Keywords: Bequests ·;

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Article
- Cremer, Helmuth & Pestieau, Pierre, 1996. "Bequests as a Heir "Discipline Device."," Journal of Population Economics, Springer, vol. 9(4), pages 405-14, November.
Paper

Find related papers by JEL classification:
J1 - Labor and Demographic Economics - - Demographic Economics
J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth

Cited by:
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Stefan Hochguertal & Henry Ohlsson, 2000. "Inter Vivos Gifts: Compensatory or Equal Sharing?," Econometric Society World Congress 2000 Contributed Papers 0699, Econometric Society. [Downloadable!]
Nordblom, Katarina & Ohlsson, Henry, 2002. "BEQUESTS, GIFTS, AND EDUCATION Swedish evidence on parents’ transfer behavior," Working Papers in Economics 69, Göteborg University, Department of Economics. [Downloadable!]
CREMER, Helmuth & PESTIEAU, Pierre, 2004. "The tax treatment of intergenerational wealth transfers," CORE Discussion Papers 2004062, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
Helmuth Cremer, Pierre Pestieau, 2003. "Wealth Transfer Taxation: A Survey," Economics Working Paper Archive 394, Levy Economics Institute, The. [Downloadable!]
Other versions:
- Helmuth Cremer & ) & Pierre Pestieau, 2004. "Wealth Trasfer Taxation: A Survey," Public Economics 0401004, EconWPA. [Downloadable!]
- Helmuth Cremer & Pierre Pestieau, 2003. "Wealth Transfer Taxation: A Survey," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
- Helmuth Cremer & ) & Pierre Pestieau, 2003. "Wealth Transfer Taxation: A Survey," Public Economics 0311003, EconWPA. [Downloadable!]
- Helmuth Cremer & Pierre Pestieau, 2003. "Wealth transfer taxation: a survey," DELTA Working Papers 2003-20, DELTA (Ecole normale supérieure). [Downloadable!]
Jellal, Mohamed, 2009. "A Theory of Educational Inequality Family and Agency Costs," MPRA Paper 17434, University Library of Munich, Germany. [Downloadable!]
Stefan Hochguertel & Henry Ohlsson, 2000. "Compensatory inter vivos gifts," Economics Working Paper Archive 319, Levy Economics Institute, The. [Downloadable!]
Other versions:
- Stefan Hochguertel & Henry Ohlsson, 2001. "Compensatory Inter Vivos Gifts," Macroeconomics 0012006, EconWPA. [Downloadable!]
- Stefan Hochguertel & Henry Ohlsson, 2007. "Compensatory Inter Vivos Gifts," Tinbergen Institute Discussion Papers 07-074/3, Tinbergen Institute. [Downloadable!]
- Hochguertel , Stefan & Ohlsson, Henry, 2000. "Compensatory inter vivos gifts," Working Papers in Economics 31, Göteborg University, Department of Economics. [Downloadable!]
- Stefan Hochguertel & Henry Ohlsson, 2009. "Compensatory inter vivos gifts," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(6), pages 993-1023. [Downloadable!]
Lundholm, Michael & Ohlsson, Henry, 1999. "Post Mortem Reputation, Compensatory Gifts and Equal Bequests," Working Paper Series 1999:3, Uppsala University, Department of Economics. [Downloadable!]
Other versions:
- Lundholm, M. & Ohlsson, H., 1999. "Post Mortem Reputation, Compensatory Gifts and Equal Bequests," Papers 1999:3, Uppsala - Working Paper Series.
- Lundholm, Michael & Ohlsson, Henry, 1999. "Post Mortem Reputation, Compensatory Gifts and Equal Bequests," Research Papers in Economics 1999:1, Stockholm University, Department of Economics. [Downloadable!]
- Lundholm, Michael & Ohlsson, Henry, 2000. "Post mortem reputation, compensatory gifts and equal bequests," Economics Letters, Elsevier, vol. 68(2), pages 165-171, August. [Downloadable!] (restricted)
Alessandro Balestrino, 2000. "Gifts, Lies and Bequests," CHILD Working Papers wp01_00, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY. [Downloadable!]
Assar Lindbeck & Sten Nyberg, 2001. "Raising Children to Work Hard: Altruism, Work Norms and Social Insurance," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
Other versions:
- Lindbeck, Assar & Nyberg, Sten, 2001. "Raising Children To Work Hard: Altruism, Work Norms And Social Insurance," Seminar Papers 691, Stockholm University, Institute for International Economic Studies. [Downloadable!]
- Lindbeck, A. & Nyberg, S., 2001. "Raising Children to Work Hard: Altruism, Work Norms and Social Insurance," Research Institute of Industrial Economics Working Papers 557, Research Institute of Industrial Economics (IFN).
- Lindbeck, Assar & Nyberg, Sten, 2001. "Raising Children to Work Hard: Altruism, Work Norms and Social Insurance," Research Papers in Economics 2001:5, Stockholm University, Department of Economics. [Downloadable!]
- Lindbeck, Assar & Nyberg, Sten, 2001. "Raising Children to Work Hard: Altruism, Work Norms and Social Insurance," Working Paper Series 557, Research Institute of Industrial Economics. [Downloadable!]
- Assar Lindbeck & Sten Nyberg, 2006. "Raising Children to Work Hard: Altruism, Work Norms, and Social Insurance," The Quarterly Journal of Economics, MIT Press, vol. 121(4), pages 1473-1503, November. [Downloadable!] (restricted)
Ralph Chami & Samir Jahjah & Connel Fullenkamp, 2003. "Are Immigrant Remittance Flows a Source of Capital for Development," IMF Working Papers 03/189, International Monetary Fund. [Downloadable!]

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