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Intergenerational Transfers, Lifetime Welfare and Resource Preservation

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VALENTE SIMONE

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Abstract

This paper studies the welfare properties of distortionary transfers in a life-cycle growth model where natural capital is private property. The main result is that, under credible pre-commitment, each newborn generation prefers positive taxes-subsidies to laissez-faire conditions when the resource share in production is suffciently high. By increasing the degree of natural preservation, resource-saving policies raise welfare of all generations except that of the first resource owner, who su®ers a deadweight loss due to taxation of the initial stock. If the first owner renounces part of his claims over initial endowments, all successive generations support resource-saving policies for purely selfish reasons.

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Paper provided by Tor Vergata University, CEIS in its series Departmental Working Papers with number 214.

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Date of creation: Mar 2005
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Handle: RePEc:rtv:ceiswp:214

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  1. Urs von Arx & Andreas Schäfer, 2007. "The Influence of Pension Funds on Corporate Governance," Economics working paper series 07/63, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
  2. Hans Gersbach & Markus Müller, 2006. "Elections, Contracts and Markets," Economics working paper series 06/56, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
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