Can the Life Insurance Market Provide Evidence for a Bequest Motive?

被引：40

作者：

Inkmann, Joachim ^{[1
]}

Michaelides, Alexander ^{[2
]}

机构：

[1] Univ Melbourne, Dept Finance, Melbourne, Vic 3010, Australia

[2] Univ Cyprus, Dept Publ & Business Adm, CY-1678 Nicosia, Cyprus

来源：

JOURNAL OF RISK AND INSURANCE | 2012年 / 79卷 / 03期

关键词：

INTERGENERATIONAL TRANSFERS; PORTFOLIO CHOICE; PARTICIPATION; SAVINGS; RISK;

D O I：

10.1111/j.1539-6975.2011.01455.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using U.K. microeconomic data, we analyze the empirical determinants of participation in the life insurance market. We find that term insurance demand is positively correlated with measures of bequest motives like being married, having children, and/or subjective measures of strong bequest motives. We then show that a life-cycle model of life insurance demand, saving, and portfolio choice can rationalize quantitatively the data in the presence of a bequest motive. These findings provide evidence supporting the presence of a bequest motive.

引用

页码：671 / 695

页数：25

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