How Strong Are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities
利用老年人寿保险和年金持有数据，发现社会保障年金增加人寿保险持有、减少私人年金持有，表明遗赠动机显著影响储蓄行为。
This paper presents new empirical evidence in support of the view that a significant fraction of total saving is motivated by the desire to leave bequests. Specifically, the author finds that social security annuity benefits significantly raise life insurance holdings and depress private annuity holdings among elderly individuals. These patterns indicate that the typical household would choose to maintain a positive fraction of its resources in bequeathable forms, even if insurance markets were perfect. Evidence on the relationship between insurance purchases and total resources reinforces this conclusion. Copyright 1991 by University of Chicago Press.