Endogenous changes in tastes

Daniel Leonard, Ngo van Long

    Research output: Contribution to journalArticlepeer-review

    Abstract

    Parents care about their children, spend resources on educating them and bequeath them some physical and/or human capital. Here we argue that the actions of the parents have an influence, not only on the productive possiblities open to the children (through the captital they inherit) but also on their tastes and attitudes. We investigate the resulting dynamics of this idea. Several influences are identified but one startling result is that, if inheritance has a large influence on people's attitude to work, the pattern of behaviour becomes completely unpredictable after a few generations.

    Original languageEnglish
    Pages (from-to)923-937
    Number of pages15
    JournalEconomics Bulletin
    Volume34
    Issue number2
    Publication statusPublished - 2014

    Keywords

    • Bequests
    • Dynamics
    • Tastes

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