Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We provide an example of an overlapping generations model with bequest motives and a non-negativity constraint on bequests which has at least two equilibria. In one equilibrium the bequest motive is operative at all dates, and the equilibrium is formally equivalent to that of a representative infinitely lived agent model. In the other equilibrium the bequest motive is never operative, and the equilibrium is formally equivalent to that of an overlapping generations model without a bequest motive. The example has obvious implications for the Ricardian equivalence doctrine and the neutrality of (lump-sum) tax-transfers across generations.