By Oded Stark
How do altruistic hyperlinks have an effect on allocative habit and health? Can the approaches of transmission and possible acquisition of parental qualities lead to a sturdy equilibrium the place all brokers are altruists? Why do young ones provide their mom and dad with realization and care? Does the timing of the intergenerational move of the family's efficient asset have an effect on the recipient's incentive to procure human capital? Why do migrants remit? Altruism and past presents solutions to those and comparable questions. additionally, it strains a number of the industry repercussions of the intrafamilial, intergenerational, and intragroup transfers and exchanges that it types.
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Extra resources for Altruism and Beyond: An Economic Analysis of Transfers and Exchanges within Families and Groups (Oscar Morgenstern Memorial Lectures)
For simplicity, there is no population growth. The qualitative nature of the analysis will not be affected by allowing nonzero population growth. 36 The timing of intergenerational transfers of generation t has a single parent in generation t À 1 and each parent of generation t À 1 has a single offspring in generation t. The economy consists, therefore, of a continuum of dynasties of measure N. Each dynasty is endowed with a unit of land that is transferred across generations. By the existing social code land is transferred from parent to child upon the death of the parent.
Enforcement of intergenerational exchanges has hardly been explored in economics. One possibility is that enforcement comes from explicit incentives: economic punishments or rewards. Bernheim, Shleifer and Summers offer evidence that the threat of disinheritance induces children to provide attention to their parents. But monetary mechanisms may not always work. Suppose a parent lends to his child, expecting repayment in old age. If anticipated future bequests motivate behavior only mildly, or not at all, the parent may have little economic leverage for enforcing an implicit long-term contractual arrangement.
10) is interior 6 The qualitative nature of the analysis will not be affected if the land can be rented as long as y~ b w0 1 À + land rent, namely, as long as the owner of the land is significantly more productive than potential renters in cultivating the land. Rosenzweig and Wolpin (1985) provide strong evidence that such productivity differentials do exist. 7), an increase in the parent's life expectancy increases the investment in human capital by the child (that is, d 1 À ad 1 À b 0 V P 0Y 1.
Altruism and Beyond: An Economic Analysis of Transfers and Exchanges within Families and Groups (Oscar Morgenstern Memorial Lectures) by Oded Stark