Gan, Li; Gong, Guan; Hurd, Michael D.; McFadden, Daniel L. - 2021
This paper investigates whether subjective expectations about future mortality affect consumption and bequests motives … involuntary or accidental. Moreover, parameter estimates using subjective mortality risk perform better in predicting out …-of-sample wealth levels than estimates using life table mortality risks, suggesting that decisions about consumption and saving are …
