Lisa & Ian Murray wrote:
> >
> > As I recall - and it's been a while - Modigliani argued against a
> > high inheritance estimate, no doubt because he was fond of his life
> > cycle hypothesis. I don't recall the divisions being as stark as
> > this, though; I recall 50% being quite a conservative estimate.
> >
> > Doug
> =======
> It was Kotlikoff & Summers [i think it was the evil one?] that disputed
> Modigliani saying it was 80% and then Alan Blinder tried to adjudicate the
> competing methods and came up with the notion that 20% of the total couldn't
> be identified by either methodology [I W in A 51-52].
>
> Ian
>
> >
-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu