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Planned and Unplanned Bequests

Author

Listed:
  • 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.

Suggested Citation

  • Hamermesh, Daniel S & Menchik, Paul L, 1987. "Planned and Unplanned Bequests," Economic Inquiry, Western Economic Association International, vol. 25(1), pages 55-66, January.
    • Handle: RePEc:oup:ecinqu:v:25:y:1987:i:1:p:55-66
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    Cited by:

    1. 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.
    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. Gan, Li & Gong, Guan & Hurd, Michael & McFadden, Daniel, 2015. "Subjective mortality risk and bequests," Journal of Econometrics, Elsevier, vol. 188(2), pages 514-525.
    4. Issing, Otmar, 2012. "Central banks: Paradise lost," CFS Working Paper Series 2012/06, Center for Financial Studies (CFS).
    5. Rowena A. Pecchenino & Patricia S. Pollard, 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.
    6. Daniel S. Hamermesh, 2000. "The Craft of Labormetrics," ILR Review, Cornell University, ILR School, vol. 53(3), pages 363-380, April.
    7. 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..
    8. 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.
    9. Enrique Fatás & Juan Lacomba & Francisco Lagos & Ana Moro-Egido, 2013. "An experimental test on dynamic consumption and lump-sum pensions," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 4(4), pages 393-413, November.
    10. Enrique Fatas & Juan A. Lacomba & Francisco Lagos, 2007. "An Experimental Test On Retirement Decisions," Economic Inquiry, Western Economic Association International, vol. 45(3), pages 602-614, July.
    11. André Masson & Pierre Pestieau, 1991. "Tests des modèles d'héritage : un inventaire critique," Économie et Prévision, Programme National Persée, vol. 100(4), pages 73-92.
    12. Otmar Issing, 2012. "Central Banks - Paradise Lost," IMES Discussion Paper Series 12-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
    13. 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.
    14. Luc Arrondel & Cyril Grange, 2014. "Bequests and family traditions: the case of nineteenth century France," Review of Economics of the Household, Springer, vol. 12(3), pages 439-459, September.

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