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Book
Is Everything Neutral?
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Year: 1989 Publisher: Cambridge, Mass. National Bureau of Economic Research

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How Strong are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities
Authors: ---
Year: 1989 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Abstract

This paper presents new empirical evidence in support of the view that a significant fraction of total saving is motivated solely by the desire to leave bequests. Specifically, I find 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.

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