| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11122 |
| 来源ID | Working Paper 11122 |
| Junior is Rich: Bequests as Consumption | |
| George M. Constantinides; John B. Donaldson; Rajnish Mehra | |
| 发表日期 | 2005-02-14 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We explore the consequences for asset pricing of admitting a bequest motive into an otherwise standard overlapping generations model where agents trade equity and perpetual debt securities. Prices of securities are seen to be approximately 50% higher in an economy with bequests as compared to an otherwise identical one where bequests are absent. Robust estimates of the equity premium are obtained in several cases where the desire to leave bequests is modest relative to the desire for old age consumption. |
| 主题 | Microeconomics ; Behavioral Economics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w11122 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568759 |
| 推荐引用方式 GB/T 7714 | George M. Constantinides,John B. Donaldson,Rajnish Mehra. Junior is Rich: Bequests as Consumption. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11122.pdf（6393KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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