@techreport{NBERw2942,
 title = "How Strong are Bequest Motives?  Evidence Based on Estimates of the     Demand for Life Insurance and Annuities",
 author = "B. Douglas Bernheim",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "2942",
 year = "1992",
 month = "March",
 URL = "http://www.nber.org/papers/w2942",
 abstract = {This paper presents new empirical evidence in support of the view that a significant fraction of total saving is motivated solely by the desire to leave bequests. Specifically, I find that Social Security annuity benefits significantly raise life insurance holdings and depress private annuity holdings among elderly individuals. These patterns indicate that the typical household would choose to maintain a positive fraction of its resources in bequeathable forms, even if insurance markets were perfect. Evidence on the relationship between insurance purchases and total resources reinforces this conclusion.},
}