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Philosophy of posterity concerns itself with ethical and legal issues of bequeathable values.
Bequeathable wealth includes cash, bank accounts, stocks, and life insurance policies--assets that can be passed on to the next generation.
Concern over the distribution of bequeathable wealth at retirement emerges because access to it expands the available options in configuring one's spending when retired.
Maybe they do--maybe parents misrepresent their bequeathable wealth from the start, or routinely engage in secret binge consumption before death, in both cases cheating their kids out of all or a portion of the promised inheritance.
288), or Nozick's Lockean proviso: "A process normally giving rise to a permanent bequeathable property right in a previously unowned thing will not do so if the position of others no longer at liberty to use the thing is thereby worsened" (Nozick 1974, p.
In a well-known article, Bernheim, Shleifer, and Summers [1985] (hereafter referred to as BSS) found empirical support for the strategic bequest motive, based on an observed positive relationship between children's visits and telephone calls to elderly parents per child (as the measure of attention) and bequeathable wealth per child (as the measure of the financial motivation for providing such attention).
Bernheim, Shleifer and Summers (1985) develop a simple model of strategic bequests in which the parents influence the behaviour of their children by holding wealth in bequeathable form and by conditioning the division of bequests among their children (and perhaps others) on the beneficiaries' actions.
John Ameriks, head of Vanguard Investment Counseling & Research co-author of Vanguard retirement income research (including Generating Guaranteed Income: Understanding Income Annuities) encourages retirees to weigh the pros of guaranteed income versus the cons, which include loss of investment liquidity, the potential reduction in bequeathable wealth, and the risk of default of the underlying insurer.
In the most cited empirical study of exchange, Bernheim, Shleifer, and Summers (1985) infer support for the exchange motive from a positive relationship between the number of contacts with parents and parents' bequeathable wealth.
They develop a model of strategic bequests in which a testator influences the decisions of the beneficiaries by holding wealth in bequeathable forms and by conditioning the division of bequests on the beneficiaries' actions.
But, says Pollock, "Obviously there is a huge jump from thinking that we should not interfere with an agent's ongoing use of some land to the conclusion that the agent has a permanent, bequeathable right to the land" (P.
Research on actual wealth decumulation by age is driven by two questions: (1) How does "bequeathable wealth" change with age, and (2) How do older people divide their assets between bequeathable and non-bequeathable wealth?