00000nam 2200000zi 4500 9.942550 CaOODSP 20240828144942 m o d f cr mn||||||||| 240828t20242024onca ob f000 0 eng d CaOODSP eng rda CaOODSP eng eng fre e-no--- FB3-5/2024-21E-PDF Fella, Giulio, author. Saving after retirement and preferences for residual wealth / by Giulio Fella, Martin B. Holm, and Thomas M. Pugh. [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 1 online resource (ii, 49 pages) : illustrations (some colour). text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2024-21 ISSN assigned to different series. "Last updated: June 11, 2024." Includes bibliographical references (pages 32-35). "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. Includes abstracts in English and French. 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. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2024-21. (CaOODSP)9.806221 PDF 792 KB https://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2024-21-eng.pdf