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Bequests as a heir "disciple device.".

H Cremer, P Pestieau

    Journal of Population Economics
    |January 1, 1996
    PubMed
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    Parents use a mix of gifts and bequests to support children, balancing efficiency and redistribution. This strategy accounts for unknown child effort and ability, optimizing financial transfers.

    Area of Science:

    • Behavioral Economics
    • Family Economics
    • Game Theory

    Background:

    • Parents' altruism motivates financial transfers to children.
    • Information asymmetry exists regarding children's effort and innate ability.
    • Financial transfers can occur during life (gifts) or after death (bequests).

    Purpose of the Study:

    • To model optimal financial transfer strategies considering moral hazard and adverse selection.
    • To analyze the distinct roles of inter vivos gifts and bequests.
    • To determine how parental altruism influences transfer timing and type.

    Main Methods:

    • Development of a theoretical economic model.
    • Analysis of principal-agent dynamics in family settings.
    • Comparative analysis of transfer efficiency and redistributive properties.
    Keywords:
    Economic FactorsFinancial ActivitiesInheritanceIntergenerational TransfersMicroeconomic FactorsOwnershipResource AllocationSocioeconomic FactorsWorld

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    Main Results:

    • Inter vivos gifts are more efficient as they precede earnings realization.
    • Bequests are more redistributive because they occur after earnings are known.
    • Optimal parental strategy involves a combination of both gifts and bequests.

    Conclusions:

    • A mixed strategy of gifts and bequests maximizes parental objectives.
    • Understanding information asymmetry is key to designing effective family financial policies.
    • The timing of transfers significantly impacts their economic efficiency and fairness.