arXiv 17 Nov 2025 · Econometrics · publishedJapanese Economic Review (2026)
arXiv:2511.13275 · PDF · DOI · OpenAlex · Extracted main text
We revisit the saving behavior of elderly singles using an adversarial structural estimation framework by Kaji, Manresa and Pouliot (2023). The method bridges the simulated method of moments (SMM) and maximum-likelihood estimation by embedding a flexible discriminator, implemented as a neural network, that adaptively selects the most informative features of the data. Applying this approach to the model of De Nardi, French, and Jones (2010) with AHEAD data, we show that including gender and health histories in the discriminator improves identification and precision of bequests motives. The resulting estimates reveal that bequest motives explain between $13%$ and $19%$ percent of late-life savings across all permanent-income quintiles, not only among the rich. The adversarial estimator precisely disentangles bequest motives from precautionary savings motives. These findings suggest that heterogeneity in health-related survival expectations is another important source of identifying variation to distinguishing bequest and precautionary saving motives.
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The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.
| Reference | Intensity | Mentions | Sections | Main text | |
|---|---|---|---|---|---|
| 1 | De Nardi, M., E. French, and J. B. Jones (2010) Why Do the Elderly Save? The Role of Medical Expenses | 0.991 | 39 | 9 | 97% |
| 2 | Kaji, T., E. Manresa, and G. Pouliot (2023) An adversarial approach to structural estimation self | 0.941 | 12 | 8 | 83% |
| 3 | De Nardi, M., E. French, J. B. Jones, and R. McGee (2025) Why do couples and singles save during retirement? Household heterogeneity and its aggregate implications | 0.843 | 3 | 3 | 100% |
| 4 | Ameriks, J., J. Briggs, A. Caplin, M. D. Shapiro, and C. Tonetti (2020) Long-term-care utility and late-in-life saving | 0.644 | 2 | 2 | 100% |
| 5 | Kopczuk, W (2007) Bequest and Tax Planning: Evidence from Estate Tax Returns | 0.644 | 2 | 2 | 100% |
| 6 | Kopczuk, W. and J. P. Lupton (2007) To leave or not to leave: The distribution of bequest motives | 0.644 | 2 | 2 | 100% |
| 7 | Lockwood, L. M (2018) Incidental Bequests and the Choice to SelfInsure LateLife Risks | 0.644 | 2 | 2 | 100% |
| 8 | Cunha, F., J. J. Heckman, and S. M. Schennach (2010) Estimating the Technology of Cognitive and Noncognitive Skill Formation | 0.405 | 1 | 1 | 100% |
| 9 | Gouriéroux, C., A. Monfort, and E. Renault (1993) Indirect Inference | 0.405 | 1 | 1 | 100% |
| 10 | Honoré, B. E. and L. Hu (2017) Poor (Wo)man's Bootstrap | 0.405 | 1 | 1 | 100% |
Showing the top 10 of 18 scored citations.