Altruism and Self-Restraint
Parental altruism plays a particular role when standard-of-living aspirations are transmitted from one generation to the next. The influence of altruistic parents is not limited to the bequest they could leave; they also direct the evolution of children's aspirations by restraining their own consumption standard. We show that, even if there is no bequest, altruism always increases capital accumulation and has a stabilizing effect on the economy. However, its effect on steady state welfare can be negative. Inherited standard-of-living can also generate regime shifts (bequest/no bequest) along the equilibrium path.
Volume (Year): (2001)
Issue (Month): 63-64 ()
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