Intergenerational Disagreement and Optimal Taxation of Parental Transfers

• 成果类型: Article
• 署名作者: Pavoni, Nicola; Yazici, Hakki
• 署名单位: Bocconi University; Bocconi University; Sabanci University
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdw036
• 发表日期: 2017
• 页码: 1264-1305
• 关键词: sin taxes

摘要

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.