Skip to main content

Inheritance and wealth composition

Abstract

This paper studies the effects of variables pertaining to alternative bequest motives on the composition of households' portofolio. It relies on a 1986 survey on the assets structure of 5600 French households. The main conclusion is that bequest motives indeed influence the composition of households' wealth. However, available data does not allow one to sort out the influence of specific models of inheritance.

This is a preview of subscription content, access via your institution.

References

  1. Arrondel L, Masson A (1989) Hypothèse du cycle de vie, diversification et composition du patrimoine: France 1986. Ann Econ Stat 17:1–45

    Google Scholar 

  2. Barro RJ (1974) Are governments bonds net wealth. J Polit Econ 82:1095–1117

    Google Scholar 

  3. Becker G, Tomes N (1976) Child endowments and the quantity and quality of children. J Polit Econ 84 (Suppl):5143–5162

    Google Scholar 

  4. Becker G, Tomes N (1979) An equilibrium theory of the distribution of income and intergenerational mobility. J Polit Econ 87:1153–1189

    Google Scholar 

  5. Bernheim B, Shleifer A, Summers LH (1985) The strategic bequest motive. J Polit Econ 93:1045–1076

    Google Scholar 

  6. Davies JB (1981) Uncertain lifetime, consumption and dissaving in retirement. J Polit Econ 89:561–577

    Google Scholar 

  7. Dicks-Mireaux LDL, King MA (1984) The effect of pensions and social security on the size and composition of household asset portfolio. In: Bodie Z, Shoven J (eds) Financial aspects of the US pensions system. University of Chicago Press, Chicago, pp 399–439

    Google Scholar 

  8. Goodman LA (1972) A modified multiple regression approach to the analysis of dichotomous variables. Am Sociol Rev 37:28–46

    Google Scholar 

  9. Kessler D, Wolff E (1991) A comparative analysis of household wealth patterns in France and the United-States. Rev Income Wealth 37:249–266

    Google Scholar 

  10. Kotlikoff LJ (1988) Intergenerational transfers and savings. J Econ Perspect 2:41–58

    Google Scholar 

  11. Lesaffre E, Molenberghs G (1991) Multivariate probit analysis: a neglected procedure in medical statistics. Stat Med 10:1391–1403

    Google Scholar 

  12. Masson A, Pestieau P (1991) Tests des modèles d'héritage: un inventaire critique. Econ Prévision 100–101:73–91

    Google Scholar 

  13. Modigliani F (1988) The role of international transfers and life cycle saving in the accumulation of wealth. J Econ Perspect 2:15–40

    Google Scholar 

  14. Perelman S, Pestieau P (1991) Les legs volontaires en France: évaluation et explication. Econ Prévision 100–101:129–135

    Google Scholar 

  15. Schmidt P, Strauss RP (1975) Estimation of models with jointly dependent qualitative variables: a simultaneous Logit approach. Econometrica 43:745–755

    Google Scholar 

Download references

Author information

Affiliations

Authors

Additional information

We thank John Ermisch, Jim Lindsey and two referees for their comments and suggestions. This research benefitted from the financial support of the SPES program.

Rights and permissions

Reprints and Permissions

About this article

Cite this article

Perelman, S., Pestieau, P. Inheritance and wealth composition. J Popul Econ 5, 305–317 (1992). https://doi.org/10.1007/BF00163063

Download citation

Keywords

  • Specific Model
  • Bequest Motive
  • Asset Structure
  • French Household
  • Wealth Composition