@techreport{NBERw8753,
 title = "Is a Bird in Hand Worth More than a Bird in the Bush? Intergenerational Transfers and Savings Behavior",
 author = "Jeffrey R. Brown and Scott J. Weisbenner",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "8753",
 year = "2002",
 month = "January",
 URL = "http://www.nber.org/papers/w8753",
 abstract = {This paper provides new evidence on the decomposition of aggregate household wealth into life-cycle and transfer wealth. Using the 1998 Survey of Consumer Finances, it finds that transfer wealth accounts for approximately one-fifth to one-quarter of aggregate wealth, suggesting a larger role for life-cycle savings than some previous estimates.  Despite the smaller aggregate size of transfer wealth, its concentration among a small number of households suggests that it can still have an important effect on the savings decisions of recipients. Estimates suggest that past receipts of transfer wealth reduce life-cycle savings by as much as dollar-for-dollar, while expected future transfers do not produce such a crowd-out effect.},
}