... allocations of bequests, annuity savings, non -annuity savings and consumptions are different between models with either of the two motives Under the dynastic altruism model, bequests are compensatory and ... and hence promotes capital accumulation and growth Different from the Yaari model, some papers assume the absence of annuity markets; see Abel (1985) and Zhang, Zhang and Lee (2003) Without annuity ... about the availability of annuity markets and the presence and the form of altruism motivating bequests There are generally three kinds of bequest motives in the literature: joy of giving, exchange...