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Bequests as a heir "discipline device"

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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 ·

Other versions of this item:

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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  1. Helmuth Cremer, Pierre Pestieau, 2003. "Wealth Transfer Taxation: A Survey," Economics Working Paper Archive 394, Levy Economics Institute, The. [Downloadable!]
  2. Helmuth Cremer & Pierre Pestieau, 2003. "Wealth transfer taxation: a survey," DELTA Working Papers 2003-20, DELTA (Ecole normale supérieure). [Downloadable!]
    Other versions:
  3. Hochguertel , Stefan & Ohlsson, Henry, 2000. "Compensatory inter vivos gifts," Working Papers in Economics 31, Göteborg University, Department of Economics. [Downloadable!]
    Other versions:
  4. 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!]
    Other versions:
  5. 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!]
  6. Stefan Hochguertal & Henry Ohlsson, 2000. "Inter Vivos Gifts: Compensatory or Equal Sharing?," Econometric Society World Congress 2000 Contributed Papers 0699, Econometric Society. [Downloadable!]
  7. 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!]
  8. Alessandro Balestrino, 2000. "Gifts, Lies and Bequests," CHILD Working Papers wp01_00, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY. [Downloadable!]
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