@techreport{NBERw2942, title = "How Strong are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities", author = "B. Douglas Bernheim", institution = "National Bureau of Economic Research", type = "Working Paper", series = "Working Paper Series", number = "2942", year = "1992", month = "March", doi = {10.3386/w2942}, URL = "http://www.nber.org/papers/w2942", 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.}, }