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Strategic Saving and Non-Negative Gifts

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  • Lagerlöf, Nils-Petter

    (Institute for International Economic Studies, Stockholm University)

Abstract

O'Connell and Zeldes (1993) have shown that the dynamic inefficiency result of a standard gift model is reversed if parents can undersave strategically. I impose an explicit non-negativity constraint on gifts, which - for all numerical examples suggested by O'Connell and Zeldes - alters this result, by making gifts non-operative. However, for other realistic numerical examples, this is not the case.

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Bibliographic Info

Paper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number 624.

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Length: 20 pages
Date of creation: 31 Oct 1997
Date of revision:
Handle: RePEc:hhs:iiessp:0624

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Keywords: Dynamic efficiency; Altruism; Gifts; Overlapping generations; Saving;

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