Intergenerational Resource Transfers with Random Offspring Numbers

A problem common to biology and economics is the transfer of resources from parents to children. We consider the issue under the assumption that the number of offspring is unknown and can be represented as a random variable. There are 3 basic assumptions. The first assumption is that a given body of...

Ausführliche Beschreibung

Bibliographische Detailangaben
Veröffentlicht in:	Proceedings of the National Academy of Sciences of the United States of America. - National Academy of Sciences of the United States of America. - 106(2009), 33, Seite 13702-13706
1. Verfasser:	Arrow, Kenneth J. (VerfasserIn)
Weitere Verfasser:	Levin, Simon A.
Format:	Online-Aufsatz
Sprache:	English
Veröffentlicht:	2009
Zugriff auf das übergeordnete Werk:	Proceedings of the National Academy of Sciences of the United States of America
Schlagworte:	allocation intergenerational transfers life history theory uncertainty Environmental studies Biological sciences Economics Mathematics Behavioral sciences Law


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100	1		\|a Arrow, Kenneth J. \|e verfasserin \|4 aut
245	1	0	\|a Intergenerational Resource Transfers with Random Offspring Numbers
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520			\|a A problem common to biology and economics is the transfer of resources from parents to children. We consider the issue under the assumption that the number of offspring is unknown and can be represented as a random variable. There are 3 basic assumptions. The first assumption is that a given body of resources can be divided into consumption (yielding satisfaction) and transfer to children. The second assumption is that the parents' welfare includes a concern for the welfare of their children; this is recursive in the sense that the children's welfares include concern for their children and so forth. However, the welfare of a child from a given consumption is counted somewhat differently (generally less) than that of the parent (the welfare of a child is "discounted"). The third assumption is that resources transferred may grow (or decline). In economic language, investment including that in education or nutrition, is productive. Under suitable restrictions, precise formulas for the resulting allocation of resources are found, demonstrating that, depending on the shape of the utility curve, uncertainty regarding the number of offspring may or may not favor increased consumption. The results imply that wealth (stock of resources) will ultimately have a log-normal distribution.
650		4	\|a allocation
650		4	\|a intergenerational transfers
650		4	\|a life history theory
650		4	\|a uncertainty
650		4	\|a Environmental studies \|x Environmental sciences \|x Natural resources
650		4	\|a Biological sciences \|x Biology \|x Zoology \|x Animal anatomy \|x Animal physiology \|x Animal reproduction
650		4	\|a Biological sciences \|x Biology \|x Genetics \|x Population genetics \|x Ecological genetics
650		4	\|a Economics \|x Economic disciplines \|x Consumer economics \|x Consumption
650		4	\|a Environmental studies \|x Environmental economics \|x Ecological economics
650		4	\|a Mathematics \|x Pure mathematics \|x Probability theory \|x Random variables
650		4	\|a Behavioral sciences \|x Sociology \|x Human societies \|x Social welfare \|x Public welfare \|x Child welfare
650		4	\|a Economics \|x Economic disciplines \|x Socioeconomics \|x Wealth \|x Distribution of wealth
650		4	\|a Law \|x Legal status \|x Heirs
650		4	\|a Economics \|x Economic policy \|x Public finance \|x Public investments \|x Economic investment
650		4	\|a Environmental studies \|x Environmental sciences \|x Natural resources
650		4	\|a Biological sciences \|x Biology \|x Zoology \|x Animal anatomy \|x Animal physiology \|x Animal reproduction
650		4	\|a Biological sciences \|x Biology \|x Genetics \|x Population genetics \|x Ecological genetics
650		4	\|a Economics \|x Economic disciplines \|x Consumer economics \|x Consumption
650		4	\|a Environmental studies \|x Environmental economics \|x Ecological economics
650		4	\|a Mathematics \|x Pure mathematics \|x Probability theory \|x Random variables
650		4	\|a Behavioral sciences \|x Sociology \|x Human societies \|x Social welfare \|x Public welfare \|x Child welfare
650		4	\|a Economics \|x Economic disciplines \|x Socioeconomics \|x Wealth \|x Distribution of wealth
650		4	\|a Law \|x Legal status \|x Heirs
650		4	\|a Economics \|x Economic policy \|x Public finance \|x Public investments \|x Economic investment
655		4	\|a research-article
700	1		\|a Levin, Simon A. \|e verfasserin \|4 aut
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773	1	8	\|g volume:106 \|g year:2009 \|g number:33 \|g pages:13702-13706
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