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Bequest as a Public Good within Marriage: A Note

  • Zhang, Junsen

Bequest to and marriage of children can lead to a Pareto-inefficient allocation. The inefficiency (or market failure) arises because one family, making a bequest to its own child, ignores the contribution to the utility of the other family whose child enters the marriage. This note shows that an assortative mating rule based on bequests can improve or even restore Pareto efficiency when parents take account of the rule in deciding the amount of bequests to their own children. Copyright 1994 by University of Chicago Press.

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File URL: http://dx.doi.org/10.1086/261926
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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 102 (1994)
Issue (Month): 1 (February)
Pages: 187-93

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Handle: RePEc:ucp:jpolec:v:102:y:1994:i:1:p:187-93
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  1. Laitner, John, 1991. "Modeling Marital Connections among Family Lines," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1123-41, December.
  2. Nerlove, Marc & Razin, Assaf & Sadka, Efraim, 1984. "Bequests and the Size of Population When Population Is Endogenous," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 527-31, June.
  3. David Lam, 1988. "Marriage Markets and Assortative Mating with Household Public Goods: Theoretical Results and Empirical Implications," Journal of Human Resources, University of Wisconsin Press, vol. 23(4), pages 462-487.
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