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Capitalist Versus Family Bequest: An Econometric Model with Two Endogenous Regimes

Luc Arrondel () and Anne Laferrere ()

DELTA Working Papers from DELTA (Ecole normale supérieure)

Abstract: Wealth is highly concentrated among a few very rich individuals. The usual models of wealth transmission offer life-cycle and family motives for bequests. The hypothesis here is that those motives are not likely to be active for very rich individuals. Using a sample of French estate records over-weighted in very rich individuals, we show, by estimating a model with two endogenous alternative regimes, that the variables influencing the bequests of the less rich are not active for the very wealthy.

Keywords: ECONOMETRICS; WEALTH (search for similar items in EconPapers)
JEL-codes: C00 D30 D31 (search for similar items in EconPapers)
Date: 1996
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Handle: RePEc:del:abcdef:96-06