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Expected Bequests and Their Distribution / Michael Hurd, James P. Smith.
- Format:
- Book
- Author/Creator:
- Hurd, Michael.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9142.
- NBER working paper series no. w9142
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- Based on a sample of actual bequests that is population-representative and on the subjective probability of bequests, we estimate the distribution of bequests that the older population will make. We find that the distribution is highly skewed, so that the typical baby-boom person will receive a very modest inheritance. This is partly due to the skewed distribution of wealth and partly due to the tendency of the wealthy to have fewer children. But it is also due to anticipated dissaving: we estimate that households in the age band 70-74 will bequeath just 39% of their wealth, consuming the rest before they die.
- Notes:
- Print version record
- September 2002.
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