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Parental Investment and the Intergenerational Transmission of Economic Preferences and Attitudes

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  • Maria Zumbuehl
  • Thomas Dohmen
  • Gerard Pfann

Abstract

We study empirically whether there is scope for parents to shape the economic preferences and attitudes of their children through purposeful investments. We exploit information on the risk and trust attitudes of parents and their children, as well as rich information about parental efforts in the upbringing of their children from the German Socio-Economic Panel Study. Our results show that parents who invest more in the upbringing of their children are more similar to them with respect to risk and trust attitudes and thus transmit their own attitudes more strongly. The results are robust to including variables on the relationship between children and parents, family size, and the parents' socioeconomic background.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.425552.de/diw_sp0570.pdf
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Bibliographic Info

Paper provided by DIW Berlin, The German Socio-Economic Panel (SOEP) in its series SOEPpapers on Multidisciplinary Panel Data Research with number 570.

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Length: 27 p.
Date of creation: 2013
Date of revision:
Handle: RePEc:diw:diwsop:diw_sp570

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Keywords: parental investments; risk preferences; trust; intergenerational transmission; cultural economics; family economics; social interactions;

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References

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  1. Dohmen Thomas & Falk Armin & Huffman David & Sunde Uwe & Schupp Jürgen & Wagner Gert, 2009. "Individual Risk Attitudes: Measurement, Determinants and Behavioral Consequences," ROA Research Memorandum 007, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  2. Raquel Fernandez & Alessandra Fogli, 2005. "Culture: An Empirical Investigation of Beliefs, Work, and Fertility," NBER Working Papers 11268, National Bureau of Economic Research, Inc.
  3. Butler, Jeff & Giuliano, Paola & Guiso, Luigi, 2009. "The Right Amount of Trust," CEPR Discussion Papers 7461, C.E.P.R. Discussion Papers.
  4. David Cesarini & Christopher T. Dawes & Magnus Johannesson & Paul Lichtenstein & Björn Wallace, 2009. "Genetic Variation in Preferences for Giving and Risk Taking," The Quarterly Journal of Economics, MIT Press, vol. 124(2), pages 809-842, May.
  5. Patacchini, Eleonora & Zenou, Yves, 2011. "Social Networks and Parental Behavior in the Intergenerational Transmission of Religion," CEPR Discussion Papers 8443, C.E.P.R. Discussion Papers.
  6. Matthias Doepke, . "Occupational Choice and the Spirit of Capitalism," UCLA Economics Online Papers 419, UCLA Department of Economics.
  7. Sandra E. Black & Paul J. Devereux, 2010. "Recent Developments in Intergenerational Mobility," Working Papers 201025, Geary Institute, University College Dublin.
  8. Michael Weinhardt & Jürgen Schupp, 2011. "Multi-Itemskalen im SOEP Jugendfragebogen," Data Documentation 60, DIW Berlin, German Institute for Economic Research.
  9. 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.
  10. Alesina, Alberto & La Ferrara, Eliana, 2002. "Who trusts others?," Journal of Public Economics, Elsevier, vol. 85(2), pages 207-234, August.
  11. Björklund, Anders & Salvanes, Kjell G., 2010. "Education and family background: Mechanisms and policies," Discussion Paper Series in Economics 14/2010, Department of Economics, Norwegian School of Economics.
  12. Dohmen, Thomas J & Falk, Armin & Huffman, David & Sunde, Uwe, 2008. "The Intergenerational Transmission of Risk and Trust Attitudes," CEPR Discussion Papers 6844, C.E.P.R. Discussion Papers.
  13. Darren Lubotsky & Martin Wittenberg, 2001. "Interpretation of Regressions with Multiple Proxies," Working Papers 836, Princeton University, Department of Economics, Industrial Relations Section..
  14. Samuel Bowles & Herbert Gintis, 2002. "The Inheritance of Inequality," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 3-30, Summer.
  15. Jürgen Schupp & Gert G. Wagner, 2002. "Maintenance of and Innovation in Long-Term Panel Studies: The Case of the German Socio-Economic Panel (GSOEP)," Discussion Papers of DIW Berlin 276, DIW Berlin, German Institute for Economic Research.
  16. Gert G. Wagner & Joachim R. Frick & Jürgen Schupp, 2007. "The German Socio-Economic Panel Study (SOEP) – Scope, Evolution and Enhancements," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 127(1), pages 139-169.
  17. Björklund Anders & Lindahl Lena & Lindquist Matthew J., 2010. "What More Than Parental Income, Education and Occupation? An Exploration of What Swedish Siblings Get from Their Parents," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-40, November.
  18. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Alfred Marshall Lecture Social Capital as Good Culture," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 295-320, 04-05.
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Citations

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Cited by:
  1. Matthias Doepke & Fabrizio Zilibotti, 2013. "Culture, Entrepreneurship, and Growth," NBER Working Papers 19141, National Bureau of Economic Research, Inc.
  2. Matthias Doepke & Fabrizio Zilibotti, 2012. "Parenting with style: Altruism and paternalism in intergenerational preference transmission," ECON - Working Papers 104, Department of Economics - University of Zurich.
  3. Sule Alan & Nazli Baydar & Teodora Boneva & Thomas Crossley & Seda Ertac, 2013. "Parental socialisation effort and the intergenerational transmission of risk preferences," IFS Working Papers W13/12, Institute for Fiscal Studies.

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