Family Transfers Involving Three Generations
基于法国数据，将父母对子女的转移分为教育投资、财务援助和财富传递三类，并发现三代人之间的转移行为相互影响，存在间接互惠现象。
Most models of family transfers consider only two generations and focus on two motives: altruism and exchange. They also assume perfect substitution between inter‐vivos downward transfers and bequests. Based on French evidence, we show that parent‐to‐child transfers belong to three distinct categories (investment in child's education, financial assistance, wealth transmission), and advocate a three ‐generation framework. Thus, transfer behavior of parents toward their children is strongly influenced by the behavior of their own parents. There is also some evidence of the Cox and Stark demonstration effect: parents help their own parents, expecting to receive comparable support from their children. Such behavior can be regarded as indirect reciprocity : the beneficiary does not give back to the initial giver but to a third person of another generation.