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| Author: | |
| Title: | Intergenerational transfers and private savings: an experimental study |
| Journal: | Kyklos
1997 : VOL. 50:2, p. 207-220 |
| Index terms: | OVERLAPPING-GENERATIONS MODELS INTERGENERATIONAL TRANSFERS SAVINGS COMPARATIVE RESEARCH PUBLIC FINANCE PENSION SCHEMES |
| Language: | eng |
| Abstract: | This paper presents the results of an overlapping- generations experiment on the individual choice between intergenerational transfers and savings. One dominant finding of our experiment is that if savings are possible individuals choose to (gradually) opt out of the intergenerational transfer system. In that case the average individual pay-offs are lower but their distribution among individuals is less volatile. This suggests that risk aversion is a driving force behind the decline of intergenerational transfers. The willingness to give to previous generations does not disappear completely, however. Moreover, the degree of cohesion between successive generations, measured by the correlation between current and past transfers does not diminish significantly after the introduction of the savings option. |
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