关键词: 双向世代间转移, 利他性, 风险共担, 赡养经济

Abstract: This paper constructed an OLG model in discrete time to discuss the intergenerational transfers with the background of Asian countries which deeply influenced by Confucianism. This model includes two type subjects: the individual and a government. There is uncertainty of providing for the aged, because the offspring maybe altruism or egoism. In this model the government provides insurance. Focus on uncertainty of providing for the aged, this paper discusses the optimal investment structure of individual and the optimal growth of economy under the guarantee of insurance and without. Comparison study shows that some part of individual investment distributes to the property investment which is inefficient, concerning the uncertainty of providing for the aged and without the guarantee of insurance. And it causes the negative influence on economic growth. On contrast, if government provides the guarantee of insurance and setup the risk-sharing mechanism, the individual investment only concentrates on the investment of children’s education. Therefore, it increases the overall investment efficiency and benefits the economic growth. The study of this paper has the practical significance and it gives clear explanations of the education investment boom phenomena and the polarization of education investment between urban and rural areas in China.

Key words: Intergenerational Transfers, Altruism, Risk-sharing, Gift Economy