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Bequests as Signals

其他書名	An Explanation for the Equal Division Puzzle
出版	National Bureau of Economic Research, 2000
URL	http://books.google.com.hk/books?id=C5kxAAAAMAAJ&hl=&source=gbs_api

註釋In the United States, more than two-thirds of decedents with multichild families divide their estates exactly equally among their children. In contrast, intra vivos gifts are usually unequal. These findings challenge the validity of existing theories regarding the determination of intergenerational transfers. In this paper, we develop a theory that accounts for this puzzle, based on the notion that the division of bequests provides a signal about a parent's altruistic preferences. The theory can also explain the norm of unigeniture, which prevails in other societies.