Saving after retirement and preferences for residual wealth / by Giulio Fella, Martin B. Holm, and Thomas M. Pugh.: FB3-5/2024-21E-PDF
"We use administrative data for Norway to estimate an incomplete-market life cycle model of retired singles and couples with a bequest motive, health-dependent utility, and uncertain longevity and health. We allow the parameters of the bequest utility to differ between households with and without offspring. Our estimates imply a very strong utility of residual wealth (bequest motive), in line with the estimates by Lockwood (2018). The bequest motive accounts for approximately three-quarters of aggregate wealth at age 85. More surprisingly, we estimate similar utility of residual wealth for households with and without offspring. We interpret this as suggestive evidence that the utility of residual wealth represents forces beyond an altruistic bequest motive"--Abstract, page ii.
Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.942550&sl=0
| Department/Agency | Bank of Canada, issuing body. |
|---|---|
| Title | Saving after retirement and preferences for residual wealth / by Giulio Fella, Martin B. Holm, and Thomas M. Pugh. |
| Series title | Staff working paper = Document de travail du personnel, 1701-9397 ; 2024-21 |
| Publication type | Series - View Master Record |
| Language | [English] |
| Format | Electronic |
| Electronic document | |
| Note(s) | ISSN assigned to different series. "Last updated: June 11, 2024." Includes bibliographical references (pages 32-35). Includes abstracts in English and French. |
| Publishing information | [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 |
| Author / Contributor | Fella, Giulio, author. |
| Description | 1 online resource (ii, 49 pages) : illustrations (some colour). |
| Catalogue number |
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| Subject terms | Retirees -- Norway -- Finance, Personal -- Econometric models. Wealth -- Norway -- Econometric models. Saving and investment -- Norway -- Econometric models. Retraités -- Norvège -- Finances personnelles -- Modèles économétriques. Richesse -- Norvège -- Modèles économétriques. Épargne -- Norvège -- Modèles économétriques. |
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