遗传天赋与财富不平等。
Genetic Endowments and Wealth Inequality.
作者信息
Barth Daniel, Papageorge Nicholas W, Thom Kevin
机构信息
University of Southern California.
Johns Hopkins University, IZA and NBER.
出版信息
J Polit Econ. 2020 Apr;128(4):1474-1522. doi: 10.1086/705415.
Abstract
We show that genetic endowments linked to educational attainment strongly and robustly predict wealth at retirement. The estimated relationship is not fully explained by flexibly controlling for education and labor income. We therefore investigate a host of additional mechanisms that could account for the gene-wealth gradient, including inheritances, mortality, risk preferences, portfolio decisions, beliefs about the probabilities of macroeconomic events, and planning horizons. We provide evidence that genetic endowments related to human capital accumulation are associated with wealth not only through educational attainment and labor income, but also through a facility with complex financial decision-making.
摘要
我们表明，与受教育程度相关的遗传禀赋能够强有力且稳健地预测退休时的财富状况。通过灵活控制教育程度和劳动收入，这种估计出的关系并不能得到充分解释。因此，我们研究了一系列可能解释基因与财富梯度关系的其他机制，包括遗产、死亡率、风险偏好、投资组合决策、对宏观经济事件概率的信念以及规划视野。我们提供的证据表明，与人力资本积累相关的遗传禀赋不仅通过受教育程度和劳动收入与财富相关联，还通过复杂金融决策的能力与之相关。
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