Incidental Bequests and the Choice to Self-Insure Late-Life Risks
研究发现，退休人员的储蓄和保险选择与标准生命周期模型高度不一致，但符合将遗赠视为奢侈品的模型，遗赠动机会增加储蓄并减少长期护理保险和年金的购买。
Despite facing significant uncertainty about their lifespans and health care costs, most retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees’ saving and insurance choices are highly inconsistent with standard life-cycle models in which people care only about their own consumption but match well models in which bequests are luxury goods. Bequest motives tend to reduce the value of insurance by reducing the opportunity cost of precautionary saving. The results suggest that bequest motives significantly increase saving and significantly decrease purchases of long-term care insurance and annuities.