Commitment in the household: Evidence from the effect of inheritances on the labor supply of older married couples
Commitment in the household: Evidence from the effect of inheritances on the labor supply of older married couples
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DOI：
10.1016/j.labeco.2016.08.003
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发表时间：
2016-10-01
期刊：
影响因子：
2.4
通讯作者：
Goodstein, Ryan M.
中科院分区：
文献类型：
--
作者：
Blau, David M.;Goodstein, Ryan M.
我们研究了老年已婚夫妇中接受遗产对接受者及其配偶的劳动力参与度（LFP）的影响。遗产不受美国有关离婚时婚姻财产分割的法律的约束，因为遗产不是通过婚姻期间赚取的收入获得的。因此，它在家庭内部资源分配中发挥着“分配因素”的作用，增加了接受者的议价能力。在控制了继承预期的情况下，我们将接受继承解释为对财富的冲击。我们的研究结果表明，接受遗产会使接受者的 LFP 降低四个百分点，其程度与自我报告的健康状况下降的影响相当。然而，继承对配偶的 LFP 影响很小或没有影响。这些估计与家庭的动态集体模型不一致，在该模型中，配偶有能力承诺事前有效分配。结果与有限承诺模型一致，在该模型中，家庭资源的冲击可能会改变议价能力。我们讨论了社会保障配偶和遗属福利改革的影响。 (C) 2016 Elsevier B.V. 保留所有权利。
We study the effect of receiving an inheritance on the labor force participation (LFP) of both the recipient and the recipient's spouse in a population of older married couples. An inheritance is not subject to laws in the U.S. governing division of marital property at divorce, because it is not acquired with income earned during marriage. Hence it plays the role of a "distribution factor" in the intrahousehold allocation of resources, increasing bargaining power of the recipient. Controlling for inheritance expectations, we interpret the receipt of an inheritance as a shock to wealth. Our results indicate that receiving an inheritance reduces LFP of the recipient by four percentage points, comparable in magnitude to the effect of a self-reported decline in health. However, an inheritance has little or no effect on LFP of the spouse. These estimates are inconsistent with a dynamic, collective model of the household in which spouses have the ability to commit to an ex ante efficient allocation. The results are consistent with a model of limited commitment in which a shock to household resources can alter bargaining power. We discuss the implications for reform of Social Security spouse and survivor benefits. (C) 2016 Elsevier B.V. All rights reserved.