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Transmitting “values” between generations: Like father, like son?

Author

Listed:
  • Luc Arrondel

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Cyril Grange

Abstract

This text offers a survey of the various studies concerning the degree of intergenerational wealth mobility. The set of measurements established by the various authors makes it possible to judge the magnitude of wealth inequality transmission in different societies. Beyond any material intergenerational transfers (inheritance and gifts), some studies take into account the transmission of other characteristics: Education, income, preferences, genes, etc. to explain the degree of mobility. Most econometric studies of intergenerational wealth mobility reveal that parents' wealth has a significant effect on their offspring's wealth. The extent of this immobility depends on the country, time period, and data used, but also on the levels of wealth. The intergenerational elasticity of wealth is probably higher among the rich (around 0.70), than in the rest of the population, where it rarely exceeds 0.50. In other words, having parents twice as rich as their generational average allows a child be 50% more wealthy compared to their own.

Suggested Citation

  • Luc Arrondel & Cyril Grange, 2018. "Transmitting “values” between generations: Like father, like son?," PSE-Ecole d'économie de Paris (Postprint) halshs-02297736, HAL.
    • Handle: RePEc:hal:pseptp:halshs-02297736
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