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Bequest as a Public Good within Marriage: A Note

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  • Zhang, Junsen

Abstract

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.

Suggested Citation

  • Zhang, Junsen, 1994. "Bequest as a Public Good within Marriage: A Note," Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 187-193, February.
  • Handle: RePEc:ucp:jpolec:v:102:y:1994:i:1:p:187-93
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    References listed on IDEAS

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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 1123-1141, 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 527-531, 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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    Cited by:

    1. Michele Tertilt, 2005. "Polygyny, Fertility, and Savings," Journal of Political Economy, University of Chicago Press, vol. 113(6), pages 1341-1370, December.
    2. Suen, Wing & Chan, William & Zhang, Junsen, 2003. "Marital transfer and intra-household allocation: a Nash-bargaining analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 52(1), pages 133-146, September.
    3. Nadege Miclanche Azebaze & Thomas Falk & Evelyn Korn, 2014. "Land allocation in subsistence economies and intra-familial time-use decisions," MAGKS Papers on Economics 201451, Philipps-Universit├Ąt Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    4. Sonia Dalmia & Pareena Lawrence, 2001. "An empirical analysis of assortative mating in India and the U.S," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 7(4), pages 443-458, November.
    5. repec:kap:iaecre:v:7:y:2001:i:4:p:443-458 is not listed on IDEAS
    6. Chris Bidner & Guillaume Roger & Jessica Moses, 2016. "Investing in Skill and Searching for Coworkers: Endogenous Participation in a Matching Market," American Economic Journal: Microeconomics, American Economic Association, vol. 8(1), pages 166-202, February.
    7. Susan A. McDaniel, 1997. "Intergenerational Transfers, Social Solidarity, and Social Policy: Unanswered Questions and Policy Changes," Canadian Public Policy, University of Toronto Press, vol. 23(s1), pages 1-21, Spring.

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