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(DP 2014-06 R) Why Do People Leave Bequests? For Love or Self-Interest? Evidence from a New International Survey of Bequest Plans

UPSE Discussion Papers

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Title (DP 2014-06 R) Why Do People Leave Bequests? For Love or Self-Interest? Evidence from a New International Survey of Bequest Plans
 
Creator Horioka, Charles Yuji
 
Subject Bequests; inheritances, estates; inter vivos transfers; intergenerational transfers; bequest motives; bequest division; equal division; altruism; selfishness; selfish life cycle model; altruism model; dynasty model; primogeniture; selfish exchange model
 
Description This paper discusses three alternative assumptions concerning household preferences (altruism, self-interest, and a desire for dynasty building) and shows that these assumptions have very different implications for bequest motives and bequest division. After reviewing some of the literature on actual bequests, bequest motives, and bequest division, the paper presents data on the strength of bequest motives, stated bequest motives, and bequest division plans from a new international survey conducted in China, India, Japan, and the United States. It finds striking inter-country differences in bequest plans, with the bequest plans of Americans and Indians appearing to be much more consistent with altruistic preferences than those of the Japanese and Chinese and the bequest plans of the Japanese and Chinese appearing to be much more consistent with selfish preferences than those of Americans and Indians. These findings have important implications for the efficacy and desirability of stimulative fiscal policies, public pensions, and inheritance taxes.JEL Classification: D12, D14, D64, D91, E21, H31, J14, P52, Z12
 
Publisher UPSE Discussion Papers
 
Contributor —
 
Date 2014-05-28
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/1459
 
Source UPSE Discussion Papers; 2014
 
Language eng
 
Relation http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/1459/930