A Model of "Family Fairness" and Its Implications for Debt Neutrality

James Pemberton

Economic Inquiry, 1996, vol. 34, issue 2, 249-59

Abstract: Evidence suggests that a significant proportion, though by no means all, of bequests is equally divided among the beneficiaries. This is inconsistent with standard models of bequests, which predict that equal division should occur only by chance. This paper proposes a modified model incorporating 'family fairness,' as well as utilitarianism, as an influence on behavior. Various implications for debt neutrality are analyzed. Copyright 1996 by Oxford University Press.

Date: 1996
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