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We report the findings of a field study demonstrating the importance of non-pecuniary mechanisms for bequest giving. We show that a prompt to leave money to charity that includes social/emotional factors made during the will-making process increases by 50 per cent the proportion of wills that include a charitable bequest. In terms of magnitude, we show that this is one-third of the effect of a 40% estates tax at the threshold. We find little response to either prompts or tax-price changes among people with children indicating that, for many, leaving money to their children appears to preclude leaving money to charity.
|Number of pages||13|
|Journal||Journal of Economic Behavior and Organization|
|Early online date||15 Feb 2016|
|Publication status||Published - May 2016|
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Professor Sarah L Smith
Person: Academic , Member