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Childless Aristocrats. Inheritance and the extensive margin of fertility

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  • Gobbi, Paula Eugenia
  • Goñi, Marc

Abstract

We provide new evidence on the two-way link between fertility decisions on the extensive margin and inheritance. We focus on settlements, a popular inheritance scheme among British aristocrats that combined primogeniture and a one-generation entail of the family estates. Using peerage records (1650-1882), we find that settlements affected the extensive margin of fertility: they reduced childlessness rates by 14.7 pp., ensuring the survival of aristocratic dynasties. Since settlements were signed only if the family head survived until his heir's wedding, we establish causality by exploiting variation in the heirs birth order. Next, we show that the extensive margin of fertility can shape inheritance rules. We build a model with inter-generational hyperbolic discounting where inheritance rules affect fertility and, in turn, schemes restricting successors (e.g., settlements or trusts) emerge endogenously in response to concerns over the dynasty's survival. These results highlight the importance of fertility decisions for the analysis of inheritance.

Suggested Citation

  • Gobbi, Paula Eugenia & Goñi, Marc, 2018. "Childless Aristocrats. Inheritance and the extensive margin of fertility," CEPR Discussion Papers 12744, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:12744
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    1. Thomas Baudin & David de la Croix & Paula E. Gobbi, 2015. "Fertility and Childlessness in the United States," American Economic Review, American Economic Association, vol. 105(6), pages 1852-1882, June.
    2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
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    4. David de la Croix & Eric B. Schneider & Jacob Weisdorf, 2019. "Childlessness, celibacy and net fertility in pre-industrial England: the middle-class evolutionary advantage," Journal of Economic Growth, Springer, vol. 24(3), pages 223-256, September.
    5. Thomas Baudin & David de la Croix & Paula E. Gobbi, 2015. "Fertility and Childlessness in the United States," American Economic Review, American Economic Association, vol. 105(6), pages 1852-1882, June.
    6. Sandra Brée & David de la Croix, 2019. "Key forces behind the decline of fertility: lessons from childlessness in Rouen before the industrial revolution," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 13(1), pages 25-54, January.
    7. Oded Galor, 2011. "Unified Growth Theory and Comparative Development," Rivista di Politica Economica, SIPI Spa, issue 2, pages 9-21, April-Jun.
    8. Edward Wolff & Maury Gittleman, 2014. "Inheritances and the distribution of wealth or whatever happened to the great inheritance boom?," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 12(4), pages 439-468, December.
    9. Graziella Bertocchi, 2006. "The Law of Primogeniture and the Transition from Landed Aristocracy to Industrial Democracy," Journal of Economic Growth, Springer, vol. 11(1), pages 43-70, March.
    10. Oded Galor, 2011. "Unified Growth Theory," Economics Books, Princeton University Press, edition 1, number 9477.
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    Cited by:

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    4. Kumon, Yuzuru, 2021. "The Deep Roots of Inequality," IAST Working Papers 21-125, Institute for Advanced Study in Toulouse (IAST).

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    More about this item

    Keywords

    Childlessness; Inheritance; Elites; Settlement; Fertility; Inter-generational discounting;
    All these keywords.

    JEL classification:

    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • K36 - Law and Economics - - Other Substantive Areas of Law - - - Family and Personal Law
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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