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When to Give? A Note on the Timing of Gifts and Bequests

Author

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  • Alain Jousten

    (HEC–ULG, Boulevard du Rectorat 7, Bat B31, 4000 Liège, Belgium)

Abstract

We generalise the standard joy-of-giving bequest motive by including inter vivos gifts. Within a life-cycle framework, we analyse the implications of the choice of different discount factors for the utility of gifts and bequests. For a linear utility of giving, we characterise the gift and bequest pattern of a liquidity constrained individual over the life-cycle. We find that discounting at the interest rate is very convenient as the linear utility parameter can be interpreted as a summary measure for the strength of the motive of giving, net of all gift and bequest timing issues over the life-cycle.

Suggested Citation

  • Alain Jousten, 2006. "When to Give? A Note on the Timing of Gifts and Bequests," National Institute Economic Review, National Institute of Economic and Social Research, vol. 198(1), pages 112-120, October.
    • Handle: RePEc:sae:niesru:v:198:y:2006:i:1:p:112-120
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