{"title": "To leave or not to leave", "subjects": ["Econometric models", "Inheritance and succession", "Older people", "Personal Finance"], "key": "/works/OL5812299W", "authors": [{"type": {"key": "/type/author_role"}, "author": {"key": "/authors/OL1423901A"}}], "type": {"key": "/type/work"}, "description": {"type": "/type/text", "value": "\"In this paper, we examine the effect of observed and unobserved heterogeneity in the desire to die with positive net worth.  Using a structural life-cycle model nested in a switching regression with unknown sample separation, we find that roughly 70 percent of the elderly single population has a bequest motive that may or may not be active depending on the level of resources at a given age.  Both the presence and the magnitude of the bequest motive are statistically and economically significant.  All else being equal, households with an operative bequest motive spend between $4,000 and $9,000 a year less on consumption expenditures on average.  We conclude that, among the elderly single households in our sample, approximately half of bequeathed wealth will be due to a bequest motive\"--Federal Reserve Board web site."}, "latest_revision": 5, "revision": 5, "created": {"type": "/type/datetime", "value": "2009-12-10T18:01:21.708437"}, "last_modified": {"type": "/type/datetime", "value": "2020-12-11T04:03:53.075544"}}