Conflict and Cooperation Within the Family, and Between the State and the Family, in the Provision of Old-Age Security
Alessandro Cigno ()
Chapter Chapter 10 in Handbook of the Economics of Population Aging, 2016, pp 609-660 from Elsevier
The early contributions to the microeconomic literature assume that only market goods yield utility, and that the only way adults can secure the consumption of these goods in old age is by saving. The more recent contributions recognize, however, that the elderly derive utility also from goods without a perfect market substitute like the care and attention they might receive from their near and dear, and that the elderly may eventually become too old or infirm to keep control over their own money. According to a branch of the literature, parents negotiate the provision of personal services directly with their children. According to another, such negotiations are made unnecessary by self-enforcing family rules. Fertility, aging, care of the very young and care of the very old are inextricably related issues also at the aggregate level, because a society cannot collectively provide for its aged members by simply accumulating assets. It must also have enough working-age people to man the physical capital and materially take care of the elderly. The link between fertility- and aging-related questions is stronger in the presence of an underfunded public pension system, where current pensions are paid for by current workers. The chapter addresses all these questions and concludes with a discussion of second-best policy in the presence of informational asymmetries.
Keywords: Private savings; Public pensions; Inter vivos transfers; Bequests; Care of the elderly; Family rules; Fertility; Longevity; Informational asymmetries; D7; D82; D91; H2; H31; H5; I2; J1 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Conflict and Cooperation within the Family, and between the State and the Family, in the Provision of Old-Age Security (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:hapoch:v1_609
Access Statistics for this chapter
More chapters in Handbook of the Economics of Population Aging from Elsevier
Series data maintained by Dana Niculescu ().