Mortality Risk and Bequests
构建并估计了一个考虑死亡不确定性和遗赠效用的终身效用模型，发现大多数遗赠是意外死亡风险的结果，且老年人平均在消耗储蓄，与无遗赠效用的生命周期模型一致。
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.