Inter vivos transfers and intended bequests:
Empirical work on intergenerational transfers has focused on distinguishing between altruistic and exchange motivated behavior. However, these two models are unable to explain the strong tendency for estates to be divided equally across children, while inter vivos transfers are made unequally. This...
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
1997
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
6345 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | Empirical work on intergenerational transfers has focused on distinguishing between altruistic and exchange motivated behavior. However, these two models are unable to explain the strong tendency for estates to be divided equally across children, while inter vivos transfers are made unequally. This paper presents a new framework for analyzing transfers from parents to children that is more consistent with observed behavior than are the altruistic and exchange models alone. In particular the model developed here allows for differing behavior with respect to inter vivos transfers and bequests due to uncertainty about the recipient's permanent income. The empirical work uses data from the Health and Retirement Survey and the Asset and Health Dynamics Survey. The patterns observed in these data are consistent with earlier findings that inter vivos transfers go disproportionately to less well-off children, while bequests are divided equally across children. Further, the results support the prediction of the model in that differences in inter vivos transfers arise from differences in current income, while bequests are unequal when the children's permanent incomes are different. |
| Physical Description: | 32 S. graph. Darst. |
Staff View
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| 520 | 3 | |a Empirical work on intergenerational transfers has focused on distinguishing between altruistic and exchange motivated behavior. However, these two models are unable to explain the strong tendency for estates to be divided equally across children, while inter vivos transfers are made unequally. This paper presents a new framework for analyzing transfers from parents to children that is more consistent with observed behavior than are the altruistic and exchange models alone. In particular the model developed here allows for differing behavior with respect to inter vivos transfers and bequests due to uncertainty about the recipient's permanent income. The empirical work uses data from the Health and Retirement Survey and the Asset and Health Dynamics Survey. The patterns observed in these data are consistent with earlier findings that inter vivos transfers go disproportionately to less well-off children, while bequests are divided equally across children. Further, the results support the prediction of the model in that differences in inter vivos transfers arise from differences in current income, while bequests are unequal when the children's permanent incomes are different. | |
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV011808647 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:16:07Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007973490 |
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| physical | 32 S. graph. Darst. |
| publishDate | 1997 |
| publishDateSearch | 1997 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | McGarry, Kathleen Verfasser (DE-588)12499654X aut Inter vivos transfers and intended bequests Kathleen McGarry Cambridge, Mass. 1997 32 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6345 Empirical work on intergenerational transfers has focused on distinguishing between altruistic and exchange motivated behavior. However, these two models are unable to explain the strong tendency for estates to be divided equally across children, while inter vivos transfers are made unequally. This paper presents a new framework for analyzing transfers from parents to children that is more consistent with observed behavior than are the altruistic and exchange models alone. In particular the model developed here allows for differing behavior with respect to inter vivos transfers and bequests due to uncertainty about the recipient's permanent income. The empirical work uses data from the Health and Retirement Survey and the Asset and Health Dynamics Survey. The patterns observed in these data are consistent with earlier findings that inter vivos transfers go disproportionately to less well-off children, while bequests are divided equally across children. Further, the results support the prediction of the model in that differences in inter vivos transfers arise from differences in current income, while bequests are unequal when the children's permanent incomes are different. Ökonometrisches Modell Inheritance and succession United States Econometric models Intergenerational relations Economic aspects United States Econometric models Living trusts United States Econometric models USA Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6345 (DE-604)BV002801238 6345 http://papers.nber.org/papers/w6345.pdf kostenfrei Volltext |
| spellingShingle | McGarry, Kathleen Inter vivos transfers and intended bequests National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Inheritance and succession United States Econometric models Intergenerational relations Economic aspects United States Econometric models Living trusts United States Econometric models |
| title | Inter vivos transfers and intended bequests |
| title_auth | Inter vivos transfers and intended bequests |
| title_exact_search | Inter vivos transfers and intended bequests |
| title_full | Inter vivos transfers and intended bequests Kathleen McGarry |
| title_fullStr | Inter vivos transfers and intended bequests Kathleen McGarry |
| title_full_unstemmed | Inter vivos transfers and intended bequests Kathleen McGarry |
| title_short | Inter vivos transfers and intended bequests |
| title_sort | inter vivos transfers and intended bequests |
| topic | Ökonometrisches Modell Inheritance and succession United States Econometric models Intergenerational relations Economic aspects United States Econometric models Living trusts United States Econometric models |
| topic_facet | Ökonometrisches Modell Inheritance and succession United States Econometric models Intergenerational relations Economic aspects United States Econometric models Living trusts United States Econometric models USA |
| url | http://papers.nber.org/papers/w6345.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT mcgarrykathleen intervivostransfersandintendedbequests |