Scandinavian Working Papers in Economics
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Institute for International Economic Studies, Stockholm University Seminar Papers, Institute for International Economic Studies, Stockholm University

No 624:
Strategic Saving and Non-Negative Gifts

Nils-Petter Lagerlöf

Abstract: O'Connell and Zeldes (1993) have shown that the dynamic inefficiency result of a standard gift model is reversed if parents can undersave strategically. I impose an explicit non-negativity constraint on gifts, which - for all numerical examples suggested by O'Connell and Zeldes - alters this result, by making gifts non-operative. However, for other realistic numerical examples, this is not the case.

Keywords: Dynamic efficiency; Altruism; Gifts; Overlapping generations; Saving; (follow links to similar papers)

JEL-Codes: D91; H31; (follow links to similar papers)

20 pages, October 31, 1997

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