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• W1558311889 abstract "ing from ability does not harm the main aim of this theoretical section; however, ability will become important in the empirical section.1 Parents maximize their total lifetime utility which given by: U = max { u(cp1) + βE[u(c p 2)] + β E[u(cp3)] + λu(c ) } (3.1) such that cp1 + a p 1 = y p 1 cp2 + a p 2 + t p = Ey 2 + (1 + r)a p 1 cp3 = Ey p 3 + (1 + r)a p 2 c = y + t cpt , c d ≥ 0 I assume that the utility function is the same for parents and their children. It is important to notice that the above problem implies that altruism is one-sided, implying that parents incorporate the utility of their children, but not the other way round. If altruism was two- sided, parents and children would combine their resources and choose their consumption path jointly, such that the utility of the overall family is maximized (see Laitner (1992)). A case in which two-sided altruism could have a significant impact on the amount transferred are human capital investments, like tuition fees for schools or colleges. These investments typically enhance the future earnings prospects of the child, but require financial support from the parents if credit markets to finance human capital investments are absent. With two-sided altruism, parents know that their children will compensate them in the future, in case the parents need it. With one-sided altruism, however, parents have no access to the return generated by their investment. If they face bad earnings prospects, this lowers their willingness to invest in their children’s education. This intuition is formalized in the following two propositions. Assumption 5 Assume that uc > 0, ucc 0 Giving more structure to the human capital production function would become important if one wanted to study the relationship between financial transfers and human capital investment. See Brown et al. (2007) for an interesting recent paper in this direction. Brown et al. (2007) distinguish two stages at which transfers are given. First, parents invest in their children’s human capital. Later, in a second stage, parents decide on financial transfers. Because the second decision is based on the economic performance of the kid, parents have an incentive to invest more in human capital, on the expense of financial transfers." @default.
• W1558311889 created "2016-06-24" @default.
• W1558311889 creator A5058780987 @default.
• W1558311889 date "2009-01-01" @default.
• W1558311889 modified "2023-09-23" @default.
• W1558311889 title "Altruism, Education and Inequality in the United States" @default.
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• W1558311889 doi "https://doi.org/10.2870/26812" @default.
• W1558311889 hasPublicationYear "2009" @default.
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