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Preferences as Human Capital: Rational Choice Theories of Endogenous Preferences and Socioeconomic Changes

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Author Info
Maria Saez-Marti () (IEW University of Zurich)
Fabrizio Zilibotti (University of Zurich and CEPR)
Abstract

We discuss the theoretical and empirical foundations of modern economic theories of cultural transmission. The importance of cultural factors in shaping economic and social transformations has been the focus of a long-standing debate in social sciences since the XIXth Century. Neoclassical economics has remained at the marging of this debate. However, there has been a recent surge of interest among economists for cultural factors. The economic models of cultural transmission borrow the main ideas from the anthropological literature, but endogeneize the efforts parents exert to transmit specific cultural variants or preference parameters. We distinguish between paternalistic models where parents use their own values to evaluate their children’s utility, and non-paternalistic or utilitarian models in which parents choose their children’s preferences to maximize the children’s well-being. We discuss recent examples, focusing in particular on corruption, patience, and work ethic.

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Publisher Info
Article provided by Finnish Economic Association in its journal Finnish Economic Papers.

Volume (Year): 21 (2008)
Issue (Month): 2 (Autumn)
Pages: 81-94
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Handle: RePEc:fep:journl:v:21:y:2008:i:2:p:81-94

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Find related papers by JEL classification:
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D64 - Microeconomics - - Welfare Economics - - - Altruism
I20 - Health, Education, and Welfare - - Education - - - General
J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
N13 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: Pre-1913
O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
Z13 - Other Special Topics - - Cultural Economics - - - Social Norms and Social Capital; Social Networks Economic Anthropology

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  2. Matthias Doepke & Fabrizio Zilibotti, 2005. "Social Class and the Spirit of Capitalism," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 516-524, 04/05. [Downloadable!] (restricted)
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  4. Botticini, Maristella & Eckstein, Zvi, 2006. "From Farmers to Merchants, Voluntary Conversions and Diaspora: A Human Capital Interpretation of Jewish History," CEPR Discussion Papers 6006, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Heckman, James J., 2000. "Policies to foster human capital," Research in Economics, Elsevier, vol. 54(1), pages 3-56, March. [Downloadable!] (restricted)
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  6. María Sáez-Martí & Anna Sjögren, 2008. "Peers and Culture," Scandinavian Journal of Economics, Blackwell Publishing, vol. 110(1), pages 73-92, 03. [Downloadable!] (restricted)
  7. Joseph Henrich & Robert Boyd & Samuel Bowles & Colin Camerer & Herbert Gintis & Richard McElreath & Ernst Fehr, 2001. "In Search of Homo Economicus: Experiments in 15 Small-Scale Societies," Artefactual Field Experiments 0059, The Field Experiments Website. [Downloadable!]
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  9. Botticini, Maristella & Eckstein, Zvi, 2005. "Jewish Occupational Selection: Education, Restrictions, or Minorities?," The Journal of Economic History, Cambridge University Press, vol. 65(04), pages 922-948, December. [Downloadable!]
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  10. Bisin, Alberto & Verdier, Thierry, 2001. "The Economics of Cultural Transmission and the Dynamics of Preferences," Journal of Economic Theory, Elsevier, vol. 97(2), pages 298-319, April. [Downloadable!] (restricted)
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  11. Sascha O. Becker & Ludger Woessmann, 2007. "Was Weber Wrong? A Human Capital Theory of Protestant Economic History," IZA Discussion Papers 2886, Institute for the Study of Labor (IZA). [Downloadable!]
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  12. James J. Heckman & Jora Stixrud & Sergio Urzua, 2006. "The Effects of Cognitive and Noncognitive Abilities on Labor Market Outcomes and Social Behavior," NBER Working Papers 12006, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. John M. Barron & Mark C. Berger & Dan A. Black, 2006. "Selective Counteroffers," Journal of Labor Economics, University of Chicago Press, vol. 24(3), pages 385-410, July. [Downloadable!]
  14. Carneiro, Pedro & Heckman, James J., 2003. "Human Capital Policy," IZA Discussion Papers 821, Institute for the Study of Labor (IZA). [Downloadable!]
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  15. Nicholas, Tom, 1999. "Clogs to Clogs in Three Generations? Explaining Entrepreneurial Performance in Britain Since 1850," The Journal of Economic History, Cambridge University Press, vol. 59(03), pages 688-713, September. [Downloadable!]
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  17. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
  18. Hauk, Esther & Saez-Marti, Maria, 2002. "On the Cultural Transmission of Corruption," Journal of Economic Theory, Elsevier, vol. 107(2), pages 311-335, December. [Downloadable!] (restricted)
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This page was last updated on 2009-10-30.

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