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Endogenous changes in tastes

Author

Listed:
  • Daniel Leonard

    () (Flinders University)

  • Ngo V Long

    () (McGill University)

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.

Suggested Citation

  • Daniel Leonard & Ngo V Long, 2014. "Endogenous changes in tastes," Economics Bulletin, AccessEcon, vol. 34(2), pages 923-937.
  • Handle: RePEc:ebl:ecbull:eb-13-00797
    as

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    References listed on IDEAS

    as
    1. Chang, Winston W & Kemp, Murray C & Long, Ngo Van, 1983. "Dynamic Properties of a Simple Overlapping-Generations Model," Oxford Economic Papers, Oxford University Press, vol. 35(3), pages 366-372, November.
    2. Becker, Gary S, 1993. "Nobel Lecture: The Economic Way of Looking at Behavior," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 385-409, June.
    3. Bala, Venkatesh & Van Long, Ngo, 2005. "International trade and cultural diversity with preference selection," European Journal of Political Economy, Elsevier, vol. 21(1), pages 143-162, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Bequests; Tastes; Dynamics;

    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General
    • D1 - Microeconomics - - Household Behavior

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