Journal Article Imperfection in the Capital Market and the Institutional Arrangement of Inheritance Get access Tsuneo Ishikawa Tsuneo Ishikawa Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 41, Issue 3, July 1974, Pages 383–404, https://doi.org/10.2307/2296757 Published: 01 July 1974

The basic model, 633. — The extended model, 635. — Concluding remarks, 641.

This paper analyzes household decisions concerning education and bequest. Specifically, an integrated model of life-cycle savings and investment in human capital is used to investigate the effects of two institutional dimensions: (1) family generational structures and (2) family values placed on intergenerational welfare. The analysis shows that these two dimensions are, in fact, important determinants of the size distribution of income both in the short run and in the long run.