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Abstract:

I compare the predictions of two types of dynastic models for the persistence of wealth across generations: models that focus on uninsurable risk and intergenerational consumption smoothing but abstract from the fertility decision, such as Loury and Laitner, and models without risk that focus on the fertility decision, such as Becker and Barro. I show that when both uninsurable risk and fertility decisions are present, a striking result obtains: wealthier parents have more children, but the transfer to each child is independent of wealth. Since this result is counterfactual, I also discuss extensions that can resurrect persistence.Journal of Economic LiteratureClassification Numbers: C61, D31, D1, J13 © 1999 Academic Press.

Registro:

Documento: Artículo
Título:Social Mobility: The Barro-Becker Children Meet the Laitner-Loury Dynasties
Autor:Alvarez, F.
Filiación:University of Chicago, Chicago, IL 60637, United States
Universidad Torcuato Di Tella, Buenos Aires, 1428, Argentina
Palabras clave:Bequest; Dynamic programming; Fertility; Intergenerational transfers; Persistence
Año:1999
Volumen:2
Número:1
Página de inicio:65
Página de fin:103
DOI: http://dx.doi.org/10.1006/redy.1998.0052
Título revista:Review of Economic Dynamics
Título revista abreviado:Rev. Econ. Dyn.
ISSN:10942025
Registro:https://bibliotecadigital.exactas.uba.ar/collection/paper/document/paper_10942025_v2_n1_p65_Alvarez

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Citas:

---------- APA ----------
(1999) . Social Mobility: The Barro-Becker Children Meet the Laitner-Loury Dynasties. Review of Economic Dynamics, 2(1), 65-103.
http://dx.doi.org/10.1006/redy.1998.0052
---------- CHICAGO ----------
Alvarez, F. "Social Mobility: The Barro-Becker Children Meet the Laitner-Loury Dynasties" . Review of Economic Dynamics 2, no. 1 (1999) : 65-103.
http://dx.doi.org/10.1006/redy.1998.0052
---------- MLA ----------
Alvarez, F. "Social Mobility: The Barro-Becker Children Meet the Laitner-Loury Dynasties" . Review of Economic Dynamics, vol. 2, no. 1, 1999, pp. 65-103.
http://dx.doi.org/10.1006/redy.1998.0052
---------- VANCOUVER ----------
Alvarez, F. Social Mobility: The Barro-Becker Children Meet the Laitner-Loury Dynasties. Rev. Econ. Dyn. 1999;2(1):65-103.
http://dx.doi.org/10.1006/redy.1998.0052