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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)

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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Bibliographic 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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Keywords: Bequests ·;

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