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Gifts, Bequests, and Growth

Berthold U. Wigger

出版	SSRN, 2000
URL	http://books.google.com.hk/books?id=RozazwEACAAJ&hl=&source=gbs_api

註釋

A familiar result in the theory of private intergenerational transfers is that competitive equilibria with gifts from children to their parents are dynamically inefficient whereas they are dynamically efficient with bequests from parents to their children. This note demonstrates that if growth is endogenous, both gift and bequest economies are dynamically efficient, but gift economies grow more rapidly.