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Intergenerational disagreement and optimal taxation of parental transfers

Pavoni, Nicola and Yazıcı, Hakkı (2017) Intergenerational disagreement and optimal taxation of parental transfers. Review of Economic Studies, 84 (3). pp. 1264-1305. ISSN 0034-6527 (Print) 1467-937X (Online)

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Official URL: http://dx.doi.org/10.1093/restud/rdw036

Abstract

We study optimal taxation of bequests and inter vivos transfers in a model where altruistic parents and their offspring disagree on intertemporal trade-offs. We show that the laissez-faire equilibrium is Pareto inefficient, and whenever offspring are impatient from their parents' perspective, optimal policy involves a positive tax on parental transfers. Cautioned by the technical complications present in this class of models, our normative prescriptions do not rely on the assumption of differentiability of the agents' policy functions.

Item Type:Article
Uncontrolled Keywords:Parental transfer taxation; Intergenerational disagreement; Altruism
Subjects:H Social Sciences > HJ Public Finance
ID Code:33786
Deposited By:Hakkı Yazıcı
Deposited On:10 Sep 2017 18:43
Last Modified:10 Sep 2017 18:43

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