In recent years, a vast literature has documented how yearly transmissions of wealth through inheritances constitute a non-negligible share of GDP in Western economies. However, it is still somewhat unclear whether these transmissions are invested in human capital and thereby help families...

This article illustrates how, and seeks to explain why, the deduction for state estate taxes (Internal Revenue Code Section 2058) seems to have had no meaningful effect on state tax policy.Since the deduction for state estate taxes reduces the amount of federal estate taxes paid, the net effect...

Intergenerational transmission of wealth is a long-standing component of society. With the current accelerated economic development, the forms of wealth transmission and the ways in which it affects individuals’ lives have gradually become more complicated. In this article, we explore the...

We study the impact of housing wealth and individual preferences on demand for annuities and long-term care insurance (LTCI). We build a multi-state lifecycle model that includes longevity risk and health shocks. The preference is represented by a recursive utility function that separates risk...

This paper examines the relationship between inequality and discrimination. Using a simple model of competitive signaling, this paper shows that income inequality motivates discrimination against low-income group. It is parents' investment on their children's signaling that interlinks inequality...

This paper examines the relationship between inequality and discrimination. Using a simple model of competitive signaling, this paper shows that income inequality motivates discrimination against low-income group. It is parents' investment on their children's signaling that interlinks inequality...

I study how people understand, reason, and learn about two major tax policies: income taxation and estate taxation. Using large-scale Social Economics surveys issued to representative U.S. samples and associated experiments, I seek to elicit respondents' factual knowledge about tax policy and...

In this paper, we present updated measures of racial disparities in wealth using the most recent data from the Survey of Consumer Finances (SCF), augmented by household-level estimates of defined benefit (DB) pension wealth developed by Sabelhaus and Volz (2020). Including this important asset,...