“…Most obviously, it is related to the many studies that have been conducted in the United States and other countries that attempt to shed light on the relative importance of bequest motives and precautionary saving as explanations for the failure of the retired elderly to decumulate their wealth as quickly as expected. For examples, studies for the U.S. include Bernheim (1987), Hurd (1987), Weil (1994), Poterba, et al (2011), Palumbo (1999), Dynan, et al (2002), French, et al (2006), De Nardi, et al (2010, and Ameriks, et al (forthcoming), studies for Europe include Borsch-Supan (1992), Alessie, et al (1995Alessie, et al ( , 1999, and Dobrescu (2015), and studies for Japan include Horioka, et al (1996), Horioka (2010), Usuki, et al, (2016), Horioka and Niimi (2017), Murata (2018), and Niimi and Horioka (2019) (see Hurd, 1990, De Nardi, et al (2016, and Niimi and Horioka, 2019, for more comprehensive literature surveys). Virtually all of these studies find that both bequest motives and precautionary saving are important as explanations for the failure of the retired elderly to decumulate their wealth as quickly as expected.…”