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Incidental Bequests and the Choice to Self-Insure Late-Life Risks

Lee M. Lockwood

NBER Working Paper No. 20745
Issued in December 2014, Revised in March 2018

---- Acknowledgments ----

This paper previously circulated under the titles “Incidental Bequests: Bequest Motives and the Choice to Self-Insure Late-Life Risks” and “The Importance of Bequest Motives: Evidence from Long-term Care Insurance and the Pattern of Saving.” For helpful comments, I thank the co-editor, Luigi Pistaferri, three anonymous referees, and Gadi Barlevy, Marco Bassetto, Gary Becker, Jeffrey Brown, Norma Coe, Mariacristina De Nardi, Daniel Fetter, Amy Finkelstein, Eric French, Lars Hansen, Erik Hurst, John Jones, Ralph Koijen, Karen Kopecky, David Laibson, Robin Lumsdaine, Brian Melzer, Casey Mulligan, Kevin Murphy, Derek Neal, Matthew Notowidigdo, Emily Oster, Svetlana Pashchenko, James Poterba, Devesh Raval, Mark Shepard, Jonathan Skinner, Heidi Williams, Motohiro Yogo, and many seminar participants. I thank Max Rong for excellent research assistance. I am grateful to the National Institute on Aging for financial support (training grant 5T32-AG00243 and grant T32-AG000186). The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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