The Joy of Giving or Assisted Living ? Using Strategic Surveys to Separate Public Care Aversion from Bequest Motives

@inproceedings{Ameriks2010TheJO,
  title={The Joy of Giving or Assisted Living ? Using Strategic Surveys to Separate Public Care Aversion from Bequest Motives},
  author={J. A. Ameriks and Andrew Caplin and Steven Laufer and Stijn van Nieuwerburgh},
  year={2010}
}
The “annuity puzzle,” conveying the apparently low interest of retirees in longevity insurance, is central to household finance. Two possible explanations are “public care aversion” (PCA), retiree aversion to simultaneously running out of wealth and being in need of long-term care, and an intentional bequest motive. To disentangle the relative importance of PCA and bequest motive, we estimate a structural model of the retirement phase using a novel survey instrument that includes hypothetical… CONTINUE READING
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