TOUGH LOVE AND INTERGENERATIONAL ALTRUISM*
修改了Barro-Becker标准利他主义模型，提出“严厉的爱”模型，预测当子女的贴现因子下降时，父母的转移支付会减少，这与标准模型不同。
This article develops and studies a tough love model of intergenerational altruism. We model tough love by modifying the Barro‐Becker standard altruism model in two ways. First, the child’s discount factor is endogenously determined, so lower childhood consumption leads to a higher discount factor later in life. Second, the parent evaluates the child’s lifetime utility with a constant high discount factor. Our model predicts that parental transfers will fall when the child’s discount factor falls. This is in contrast with the standard altruism model, which predicts that parental transfers are independent of exogenous changes in the child’s discount factor.