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Mortality Risk and Bequests
Abstract
A lifetime utility model, in which the date of death is uncertain and in which bequests give utility, is analyzed and estimated. The parameter estimates imply that most bequests are accidental, the result of mortality risk, and that the shape of the desired consumption path is sensitive to variations in mortality rates. On average, the elderly in the sample dissave, which is consistent with a life-cycle model in which utility does not depend on bequests. Copyright 1989 by The Econometric Society.
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Citations
Cited by
Precautionary Saving and Social Insurance
Hubbard, R. G., Skinner, J., & Zeldes, S. P. (1995) · Journal of Political Economy · doi:10.1086/261987 · Cited by 1,051
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
Portfolio Choice over the Life‐Cycle when the Stock and Labor Markets Are Cointegrated
BENZONI, L., COLLIN‐DUFRESNE, P., & GOLDSTEIN, R. S. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01271.x · Cited by 466
Chapter 10 Education and Nonmarket Outcomes
Grossman, M. (2006) · Handbook of the Economics of Education · doi:10.1016/s1574-0692(06)01010-5 · Cited by 278
Extended Cost-Effectiveness Analysis for Health Policy Assessment: A Tutorial
Verguet, S., Kim, J. J., & Jamison, D. T. (2016) · PharmacoEconomics · doi:10.1007/s40273-016-0414-z · Cited by 251
Metadata
- Authors
- Hurd, M. D.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1989-07
- Volume
- 57
- Issue
- 4
- Pages
- 779
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W2040072664
- Cited by
- 676
- References
- 0
- FWCI
- 21.52
- Type
- journal article
- Language
- en
- Open access
- closed
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