Replication data for: Incidental Bequests and the Choice to Self-Insure Late-Life Risks

Principal Investigator(s):  View help for Principal Investigator(s) Lee M. Lockwood

Version:  View help for Version V1

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Project Citation: 

Lockwood, Lee M. Replication data for: Incidental Bequests and the Choice to Self-Insure Late-Life Risks. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116164V1

Project Description

Summary:  View help for Summary 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.

Scope of Project

Subject Terms:  View help for Subject Terms Insurance; Life cycle model; Saving
JEL Classification:  View help for JEL Classification
      D14 Household Saving; Personal Finance
      D15 Intertemporal Household Choice; Life Cycle Models and Saving
      D64 Altruism; Philanthropy; Intergenerational Transfers
      G22 Insurance; Insurance Companies; Actuarial Studies
      H55 Social Security and Public Pensions
      J26 Retirement; Retirement Policies
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1998 – 2008
Data Type(s):  View help for Data Type(s) survey data

Methodology

Data Source:  View help for Data Source Health and Retirement Study, National Long-Term Care Survey
Unit(s) of Observation:  View help for Unit(s) of Observation Households,

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V1 [2019-12-06]

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