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Charity and the bequests motive: evidence from seventeenth century wills

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  • Leslie McGranahan

Abstract

This paper researches the motivations for charitable bequests by looking at gifts to the poor in the wills of 1357 testators who died in Suffolk, England in the 1620's and 1630's. I find that wealth, religiosity, and the presence of family and friends influence testator generosity. The finding that wealthier, more religious individuals, and those with fewer children give more to the poor support an altruistic model of testator utility. However, the finding that individuals who give to more people outside of their immediate families are more likely to give to the poor contradicts the simple altruism model. This result is shown to be consistent with a model that suggests that charitable giving is partly driven by the approbation friends and families grant charitable behavior.

Suggested Citation

  • Leslie McGranahan, 1998. "Charity and the bequests motive: evidence from seventeenth century wills," Working Paper Series WP-98-25, Federal Reserve Bank of Chicago.
  • Handle: RePEc:fip:fedhwp:wp-98-25
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    Cited by:

    1. Alma’amun, Suhaili, 2012. "Searching for Bequest Motives and Attitudes to Leaving a Bequest Among Malaysian Muslims," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 46(1), pages 73-84.
    2. Valencia Caicedo, Felipe, 2020. "Historical Econometrics: Instrumental Variables and Regression Discontinuity Designs," CEPR Discussion Papers 15208, C.E.P.R. Discussion Papers.
    3. Jeffrey R. Brown & Courtney C. Coile & Scott J. Weisbenner, 2010. "The Effect of Inheritance Receipt on Retirement," The Review of Economics and Statistics, MIT Press, vol. 92(2), pages 425-434, May.
    4. Konow, James, 2010. "Mixed feelings: Theories of and evidence on giving," Journal of Public Economics, Elsevier, vol. 94(3-4), pages 279-297, April.
    5. McGranahan, Leslie, 2009. "The widow's offering: Inheritance, family structure, and the charitable gifts of women," Explorations in Economic History, Elsevier, vol. 46(3), pages 356-367, July.
    6. Christiansen, Charlotte & Jansson, Thomas & Kallestrup-Lamb, Malene & Noren, Vicke, 2023. "Households' investments in socially responsible mutual funds," The Quarterly Review of Economics and Finance, Elsevier, vol. 87(C), pages 46-67.
    7. Abu Siddique, 2021. "Behavioral Consequences of Religious Education," Munich Papers in Political Economy 10, Munich School of Politics and Public Policy and the School of Management at the Technical University of Munich.
    8. Säve-Söderbergh, Jenny, 2005. "Who is Willing to Let Ethics Guide His Economic Decision-Making? Evidence from Individual Investments in Ethical Funds," Working Paper Series 7/2005, Stockholm University, Swedish Institute for Social Research.
    9. Rocio Sánchez-Mangas & Virginia Sánchez-Marcos, "undated". "Reconciling female labor participation and motherhood: the effect of benefits for working mothers," Studies on the Spanish Economy 195, FEDEA.

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    Keywords

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