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On the Distribution of Wealth and Intergenerational Transfers

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  • Ionnides, Yannis M
  • Sato, Ryuzo

Abstract

The authors develop a simple behavioral model of intergenerational transfers, with individuals be ing subject to uncertainty about their children's incomes. Individual s differ with respect to innate ability and to wealth transfers they receive at birth. The distributions of total wealth, of total income, and of their components are uniquely determined from the equilibrium distribution of intergenerational transfers, for which existence an d uniqueness are proven. For a particular utility function, and provi ded that earned income follows a stable law, the authors show that so do all endogenous distributions. Intergenerational transfers are rel atively more equally distributed than earnings, capital income, and l ifetime wealth. Copyright 1987 by University of Chicago Press.

Suggested Citation

  • Ionnides, Yannis M & Sato, Ryuzo, 1987. "On the Distribution of Wealth and Intergenerational Transfers," Journal of Labor Economics, University of Chicago Press, vol. 5(3), pages 366-385, July.
  • Handle: RePEc:ucp:jlabec:v:5:y:1987:i:3:p:366-85
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    References listed on IDEAS

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    1. Masanori Hashimoto & Ben T. Yu, 1980. "Specific Capital, Employmemt Contracts, and Wage Rigidity," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 536-549, Autumn.
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    5. Michael G. Abbott, 1982. "Specification Tests of Quarterly Econometric Models of Aggregate Strike Frequency in Canada," Working Papers 527, Princeton University, Department of Economics, Industrial Relations Section..
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    7. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 1-9.
    8. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    9. Christopher J. Flinn & James J. Heckman, 1982. "Models for the Analysis of Labor Force Dynamics," NBER Working Papers 0857, National Bureau of Economic Research, Inc.
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    11. Jarrell, Gregg A, 1981. "The Economic Effects of Federal Regulation of the Market for New Security Issues," Journal of Law and Economics, University of Chicago Press, vol. 24(3), pages 613-675, December.
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    13. Gary Chamberlain, 1980. "Analysis of Covariance with Qualitative Data," Review of Economic Studies, Oxford University Press, vol. 47(1), pages 225-238.
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    Cited by:

    1. Gokhale, Jagadeesh & Kotlikoff, Laurence J. & Sefton, James & Weale, Martin, 2001. "Simulating the transmission of wealth inequality via bequests," Journal of Public Economics, Elsevier, vol. 79(1), pages 93-128, January.
    2. Jagadeesh Gokhale & Laurence J. Kotlikoff, 2002. "The Impact of Social Security and Other Factors on the Distribution of Wealth," NBER Chapters,in: The Distributional Aspects of Social Security and Social Security Reform, pages 85-114 National Bureau of Economic Research, Inc.
    3. Bossmann, Martin & Kleiber, Christian & Walde, Klaus, 2007. "Bequests, taxation and the distribution of wealth in a general equilibrium model," Journal of Public Economics, Elsevier, vol. 91(7-8), pages 1247-1271, August.

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