English, Article, Journal or magazine article edition: Altruistic bequests and non-negative savings StŽphane LAMBRECHT

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Bookmark: http://trove.nla.gov.au/version/4572
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Altruistic bequests and non-negative savings
Author
  • StŽphane LAMBRECHT
Physical Description
  • preprint
Notes
  • This paper builds on the class of models studying the game interaction between an altruistic benefactor and a selfish recipient. An altruistic parent's bequest is transferred to his selfish son after the former's death and we assume that it is not a valid collateral for bank loans. This is equivalent to adding a non-negativity constraint on savings to the standard bequest model. A crucial mechanism at work is that the son's choice of a level of action can seriously dwarf his budget set. When Becker's resuit holds, the credit constraint places an upper bound on the strategie savings of the Samaritan's dilemma type. But the constraint on savings also causes the shrinkage of the validity domain of the Rotten Kid Theorem because it may lead both poor and rich heirs to behave unoptimally from the family point of view.
  • Altruism, Liquidity constraints
  • RePEc:ctl:louvre:2003041
Language
  • English
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