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Social Welfare, Parental Altruism and Inequality

Pietro Reichlin

出版	SSRN, 2018
URL	http://books.google.com.hk/books?id=A3_8zgEACAAJ&hl=&source=gbs_api

註釋

I discuss two alternative notions of social welfare (utilitarian and self- enforcing) in a dynastic model with heterogeneous and persistent degrees of parental altruism and evaluate the implied levels of consumption inequality. Then, I study a decentralization of planning optima in a competitive equilibrium where the only source of inequality arises from intergenerational wealth transmission and I show that the self-enforcing criterion implies a negative tax rate on the less altruistic individuals' capital income.