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Planned and Unplanned Bequests

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  • Hamermesh, Daniel S
  • Menchik, Paul L

Abstract

The authors distinguish between bequests that are planned as part of a life time optimization process and those that are the unplanned result of errors in forecasting the date of death. Given the initial endowment, a positive relation b etween the bequest and the planning horizon, and a negative relation between unexpectedly long life and the bequest is expected. A unique data set on wealthy de cedents and their parents provides measures of expected horizons based on parents' longevity. Both predictions are confirmed, and there is an especially large and significant positive relation between the bequest and the length of the planning horizon. Copyright 1987 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 25 (1987)
Issue (Month): 1 (January)
Pages: 55-66

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Handle: RePEc:oup:ecinqu:v:25:y:1987:i:1:p:55-66

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References

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  1. Nagatani, Keizo, 1972. "Life Cycle Saving: Theory and Fact," American Economic Review, American Economic Association, vol. 62(3), pages 344-53, June.
  2. Menchik, Paul L, 1979. "Inter-generational Transmission of Inequality: An Empirical Study of Wealth Mobility," Economica, London School of Economics and Political Science, vol. 46(184), pages 349-62, November.
  3. Lazear, Edward P, 1979. "Why Is There Mandatory Retirement?," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1261-84, December.
  4. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-32, August.
  5. Davies, James B, 1981. "Uncertain Lifetime, Consumption, and Dissaving in Retirement," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 561-77, June.
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Cited by:
  1. Enrique Fatás & Juan A. Lacomba & Francisco M. Lagos & Ana I. Moro, 2008. "Experimental tests on consumption, savings and pensions," ThE Papers 08/14, Department of Economic Theory and Economic History of the University of Granada..
  2. Rainer Winkelmann, 2002. "Subjektive Daten in der empirischen Wirtschaftsforschung: Probleme und Perspektiven," SOI - Working Papers 0207, Socioeconomic Institute - University of Zurich, revised Jul 2002.
  3. Pecchenino, R.A. & Pollard, P.S., 1999. "Government Mandated Private Pensions: A Dependable Foundation for Retirement Security?," Papers 9902, Michigan State - Econometrics and Economic Theory.
  4. Page, Benjamin R., 2003. "Bequest taxes, inter vivos gifts, and the bequest motive," Journal of Public Economics, Elsevier, vol. 87(5-6), pages 1219-1229, May.
  5. Li Gan & Guan Gong, 2005. "Subjective Morality Risks and Bequests," 2005 Meeting Papers 900, Society for Economic Dynamics.
  6. Enrique Fatás & Juan Lacomba & Francisco Lagos & Ana Moro-Egido, 2013. "An experimental test on dynamic consumption and lump-sum pensions," SERIEs, Spanish Economic Association, vol. 4(4), pages 393-413, November.
  7. Pecchenino, Rowena A & Pollard, Patricia S, 1997. "The Effects of Annuities, Bequests, and Aging in an Overlapping Generations Model of Endogenous Growth," Economic Journal, Royal Economic Society, vol. 107(440), pages 26-46, January.
  8. Otmar Issing, 2012. "Central Banks - Paradise Lost," IMES Discussion Paper Series 12-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
  9. Issing, Otmar, 2012. "Central banks: Paradise lost," CFS Working Paper Series 2012/06, Center for Financial Studies (CFS).
  10. Pierre Pestieau & André Masson, 1991. "Tests des modèles d'héritage : un inventaire critique," Économie et Prévision, Programme National Persée, vol. 100(4), pages 73-92.
  11. Patricia S. Pollard & Rowena A. Pecchenino, 1998. "The transition from a-pay-as-you-go to a fully-funded Social Security System: is there a role for social insurance?," Working Papers 1997-022, Federal Reserve Bank of St. Louis.

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