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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. Jeffrey Butler & Paola Giuliano & Luigi Guiso, 2009. "The Right Amount of Trust," NBER Working Papers 15344, National Bureau of Economic Research, Inc.
  2. Dohmen, Thomas & Falk, Armin & Huffman, David B. & Sunde, Uwe, 2006. "The Intergenerational Transmission of Risk and Trust Attitudes," IZA Discussion Papers 2380, Institute for the Study of Labor (IZA).
  3. Alesina, Alberto & La Ferrara, Eliana, 2002. "Who trusts others?," Journal of Public Economics, Elsevier, vol. 85(2), pages 207-234, August.
  4. Raquel Fernandez & Alessandra Fogli, 2005. "Culture: an empirical investigation of beliefs, work, and fertility," Staff Report 361, Federal Reserve Bank of Minneapolis.
  5. Matthias Doepke & Fabrizio Zilibotti, 2007. "Occupational Choice and the Spirit of Capitalism," NBER Working Papers 12917, National Bureau of Economic Research, Inc.
  6. Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2009. "Individual risk attitudes: Measurement, determinants and behavioral consequences," Munich Reprints in Economics 20049, University of Munich, Department of Economics.
  7. Gert G. Wagner & Joachim R. Frick & Jürgen Schupp, 2007. "The German Socio-Economic Panel Study (SOEP): Scope, Evolution and Enhancements," SOEPpapers on Multidisciplinary Panel Data Research 1, DIW Berlin, The German Socio-Economic Panel (SOEP).
  8. 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.
  9. Darren Lubotsky & Martin Wittenberg, 2001. "Interpretation of Regressions with Multiple Proxies," Econometrics 0110005, EconWPA.
  10. Black, Sandra E. & Devereux, Paul J., 2011. "Recent Developments in Intergenerational Mobility," Handbook of Labor Economics, Elsevier.
  11. Bisin, A. & Verdier, T., 1997. "The Economics of Cultural Transmission and the Dynamics of Preferences," DELTA Working Papers 97-03, DELTA (Ecole normale supérieure).
  12. Samuel Bowles & Herbert Gintis, 2002. "The Inheritance of Inequality," Journal of Economic Perspectives, American Economic Association, vol. 16(3), pages 3-30, Summer.
  13. 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.
  14. 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.
  15. David, Cesarini & Dawes, Christopher T. & Johannesson, Magnus & Lichtenstein, Paul & Wallace, Björn, 2007. "Genetic Variation in Preferences for Giving and Risk-Taking," Working Paper Series in Economics and Finance 679, Stockholm School of Economics, revised 12 Jan 2009.
  16. Björklund, Anders & Salvanes, Kjell G., 2011. "Education and Family Background: Mechanisms and Policies," Handbook of the Economics of Education, Elsevier.
  17. Michael Weinhardt & Jürgen Schupp, 2011. "Multi-Itemskalen im SOEP Jugendfragebogen," Data Documentation 60, DIW Berlin, German Institute for Economic Research.
  18. 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.
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Citations

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Cited by:
  1. Matthias Doepke & Fabrizio Zilibotti, 2014. "Parenting with Style: Altruism and Paternalism in Intergenerational Preference Transmission," Working Papers 2014-013, Human Capital and Economic Opportunity Working Group.
  2. Sule Alan & Nazli Baydar & Teodora Boneva & Thomas F. Crossley & Seda Ertac, 2013. "Parental Socialization Effort and the Intergenerational Transmission of Risk Preferences," Koç University-TUSIAD Economic Research Forum Working Papers 1313, Koc University-TUSIAD Economic Research Forum.
  3. Doepke, Matthias & Zilibotti, Fabrizio, 2014. "Culture, Entrepreneurship, and Growth," Handbook of Economic Growth, in: Handbook of Economic Growth, edition 1, volume 2, chapter 0, pages 1-48 Elsevier.

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