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Savings of the Elderly and Desired Bequests

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  • Hurd, Michael D

Abstract

Cross-section data often show that the wealth of the elderly increases with age even at advanced ages. These and other results suggest that the life-cycle hypothesis of consumption should be augmented to include a bequest motive for saving. In this paper, the author proposes a model of bequests, and a test for a bequ est motive. Using panel data, he finds that over a ten-year period the elderly in the data set dissaved, in contradiction to most cross- section results. The test offers no support for a bequest motive. Copyright 1987 by American Economic Association.

Suggested Citation

  • Hurd, Michael D, 1987. "Savings of the Elderly and Desired Bequests," American Economic Review, American Economic Association, vol. 77(3), pages 298-312, June.
  • Handle: RePEc:aea:aecrev:v:77:y:1987:i:3:p:298-312
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