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Specification of the Joy of Giving: Insights from Altruism

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  • Andrew B. Abel
  • Mark Warshawsky

Abstract

This paper analyzes the joy of giving bequest motive in which the utility obtained from leaving a bequest depends only on the size of the bequest. It exploits the fact that this formulation can be interpreted as a reduced form of an altruistic bequest motive to derive a relation between the value of the altruism parameter and the value of the joy of giving parameter. Using previous discussions of an a priori range of plausible values for the altruism parameter we then derive plausible restrictions on the joy of giving parameter. We demonstrate that this parameter may well be orders of magnitude larger than assumed in the existing literature.

Suggested Citation

  • Andrew B. Abel & Mark Warshawsky, "undated". "Specification of the Joy of Giving: Insights from Altruism," Rodney L. White Center for Financial Research Working Papers 03-87, Wharton School Rodney L. White Center for Financial Research.
    • Handle: RePEc:fth:pennfi:03-87
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    References listed on IDEAS

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    8. Steven F. Venti & David A. Wise, 1987. "IRAs and Saving," NBER Chapters,in: The Effects of Taxation on Capital Accumulation, pages 7-52 National Bureau of Economic Research, Inc.
    9. Abel, Andrew B, 1985. "Precautionary Saving and Accidental Bequests," American Economic Review, American Economic Association, vol. 75(4), pages 777-791, September.
    10. Drazen, Allan, 1978. "Government Debt, Human Capital, and Bequests in a Life-Cycle Model," Journal of Political Economy, University of Chicago Press, vol. 86(3), pages 505-516, June.
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