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The Strategic Bequest Motive
Abstract
Although recent research suggests that intergenerational transfers play an important role in aggregate capital accumulation, our understanding of bequest motives remains incomplete. We develop a simple model of strategic bequests in which a testator influences the decisions of his beneficiaries by holding wealth in bequeathable forms and by conditioning the division of bequests on the beneficiaries' actions. The model generates falsifiable empirical predictions that are inconsistent with other theories of intergenerational transfers. We present econometric and other evidence that strongly suggests that bequests are often used as compensation for services rendered by beneficiaries.
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Cited by
Intergenerational Transfers and the Accumulation of Wealth
Gale, W. G., & Scholz, J. K. (1994) · Journal of Economic Perspectives · doi:10.1257/jep.8.4.145 · Cited by 592
Wealth and Stratification Processes
Spilerman, S. (2000) · Annual Review of Sociology · doi:10.1146/annurev.soc.26.1.497 · Cited by 457
SILVERSTEIN, M., CONROY, S. J., & GANS, D. (2012) · Ageing and Society · doi:10.1017/s0144686x1200058x · Cited by 124
McKernan, S.-M., Ratcliffe, C., Simms, M., & Zhang, S. (2014) · Demography · doi:10.1007/s13524-014-0296-7 · Cited by 92
Chapter 17 The economics of population aging
Weil, D. N. (1997) · Handbook of Population and Family Economics · doi:10.1016/s1574-003x(97)80009-8 · Cited by 55
Metadata
- Authors
- Bernheim, B. D., Shleifer, A., & Summers, L. H.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1985-12
- Volume
- 93
- Issue
- 6
- Pages
- 1045-1076
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W3123088499
- Cited by
- 915
- References
- 0
- FWCI
- 118.57
- Type
- journal article
- Language
- en
- Open access
- closed
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- Bernheim, B. D., Shleifer, A., & Summers, L. H. (1985). The Strategic Bequest Motive. Journal of Political Economy. https://doi.org/10.1086/261351
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