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Strategic Saving and Non-Negative Gifts

Author

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  • Lagerlof, N-P

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 the 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.

Suggested Citation

  • Lagerlof, N-P, 1997. "Strategic Saving and Non-Negative Gifts," Papers 624, Stockholm - International Economic Studies.
    • Handle: RePEc:fth:stocin:624
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    Keywords

    SAVINGS ; HOUSEHOLD ; FISCAL POLICY;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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