To leave or not to leave: The distribution of bequest motives

• 成果类型: Article
• 署名作者: Kopczuk, Wojciech; Lupton, Joseph P.
• 署名单位: Columbia University
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1111/j.1467-937X.2007.00419.x
• 发表日期: 2007
• 页码: 207-235
• 关键词: inter vivos transfers; intergenerational transfers; gift taxes; life-insurance; accumulation; retirement; altruism; savings; estate; HEALTH

摘要

We examine the effect of observed and unobserved heterogeneity in the desire to die with positive net worth. Using a structural life-cycle model nested in a switching regression with unknown sample separation, we find that roughly three-fourths of the elderly single population has a bequest motive. Both the presence and the magnitude of the bequest motive are statistically and economically significant. On average, households with a bequest motive spend about 25% less on consumption expenditures. We conclude that, among the elderly single households in our sample, about four-fifths of their net wealth will be bequeathed and approximately half of this is due to a bequest motive.