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Altruism, Intergenerational Transfers of Time and Bequests

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Author Info
CARDIA, Emanuela
MICHEL, Philippe

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Abstract

This paper uses a standard two-period overlapping generation model to examine the behavior of an economy where both intergenerational transfers of time and bequests are available. While bequests have been examined extensively, time transfers have received little or no attention in the literature. Assuming a log-linear utility function and a Cobb-Douglas production function, we derive an explicit solution for the dynamics and show that altruistic intergenerational time transfers can take place in presence of a binding non-negativity constraint on bequests. We also show that with either type of transfers capital is an increasing function of the intergenerational degree of altruism. However, while with time transfers the labor supply of the young increases with the degree of altruism, with bequests it may decrease.

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Paper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number 02-2003.

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Length: 29 pages
Date of creation: 2003
Date of revision:
Handle: RePEc:mtl:montec:02-2003

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Related research
Keywords: Altruism; time transfers; bequests;

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Find related papers by JEL classification:
J1 - Labor and Demographic Economics - - Demographic Economics
J2 - Labor and Demographic Economics - - Demand and Supply of Labor
D9 - Microeconomics - - Intertemporal Choice and Growth

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Andrew B. Abel, . "Operative Gift and Bequest Motives," Rodney L. White Center for Financial Research Working Papers 9-87, Wharton School Rodney L. White Center for Financial Research.
    Other versions:
  2. Yannis M. Ioannides & Kambon Kan, 1999. "The Nature of Two-Directional Intergenerational Transfers of Money and Time: An Empirical Analysis," Discussion Papers Series, Department of Economics, Tufts University 9917, Department of Economics, Tufts University. [Downloadable!]
  3. de la Croix, David & Michel, Philippe, 1997. "Altruism and self-refrain," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1998010, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), revised 00 Apr 1998. [Downloadable!]
  4. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec.. [Downloadable!] (restricted)
  5. Jouvet, Pierre-Andre & Michel, Philippe & Vidal, Jean-Pierre, 2000. " Intergenerational Altruism and the Environment," Scandinavian Journal of Economics, Blackwell Publishing, vol. 102(1), pages 135-50, March. [Downloadable!] (restricted)
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  6. MICHEL, Philippe & PESTIEAUÊ, Pierre, 1994. "Fiscal Policy in a Growth Model with Both Altruistic and Non Altruistic Agents," CORE Discussion Papers 1994049, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Burbidge, John B, 1983. "Government Debt in an Overlapping-Generations Model with Bequests and Gifts," American Economic Review, American Economic Association, vol. 73(1), pages 222-27, March. [Downloadable!] (restricted)
  8. Michel, Philippe, 1990. "Some Clarifications on the Transversality Condition," Econometrica, Econometric Society, vol. 58(3), pages 705-23, May. [Downloadable!] (restricted)
  9. IOANNIDESÊ, YannisÊ & KANÊ, Kamhon, 1994. "The Nature of Two-Direction Intergenerational Transfers of Money and Time : An Empirical Analysis," CORE Discussion Papers 1994033, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Emanuela Cardia & Serena Ng, 2003. "Intergenerational Time Transfers and Childcare," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 431-454, April. [Downloadable!] (restricted)
  11. Weil, Philippe, 1987. "Love thy children : Reflections on the Barro debt neutrality theorem," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 377-391, May. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Atsue Mizushima, 2008. "Intergenerational Transfers of Time and Public Long-term Care with an Aging Population," Economics Working Papers ECO2008/36, European University Institute. [Downloadable!]
    Other versions:
  2. Abdelkrim Seghir & Juan Torres-Martínez, 2008. "Wealth transfers and the role of collateral when lifetimes are uncertain," Economic Theory, Springer, vol. 36(3), pages 471-502, September. [Downloadable!] (restricted)
    Other versions:
  3. Rydell, Ingrid, 2005. "Equity, Justice, Interdependence: Intergenerational Transfers and the Ageing Population," Arbetsrapport 2005:5, Institute for Futures Studies. [Downloadable!]
  4. Elisabeth Hermann Frederiksen, 2006. "Spending Natural Resource Revenues in an Altruistic Growth Model," EPRU Working Paper Series 06-09, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
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