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Parental socialisation effort and the intergenerational transmission of risk preferences

Listed author(s):
  • Sule Alan

    ()

    (Institute for Fiscal Studies and University of Cambridge)

  • Nazli Baydar

    (Institute for Fiscal Studies)

  • Teodora Boneva

    (Institute for Fiscal Studies)

  • Thomas Crossley

    ()

    (Institute for Fiscal Studies and Institute for Fiscal Studies, University of Essex)

  • Seda Ertac

    ()

    (Institute for Fiscal Studies and Koc University)

We study the transmission of risk attititudes in a unique survey of mothers and children in which both participated in an incentivised risk preference elicitation task. We document that risk preferences are correlated between mothers and children when the children are just 7 to 8 years old. This correlation is only present for daughters. We show that a measure of parental involvement is a strong moderator of the association between mothers' and daughers' risk tolerance. These findings support a role for socialisation in the intergenerational transmission of preferences that predict economic behaviour.

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File URL: http://www.ifs.org.uk/wps/wp201312.pdf
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Paper provided by Institute for Fiscal Studies in its series IFS Working Papers with number W13/12.

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Date of creation: 12 Jun 2013
Handle: RePEc:ifs:ifsewp:13/12
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  1. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2010. "Are Risk Aversion and Impatience Related to Cognitive Ability?," American Economic Review, American Economic Association, vol. 100(3), pages 1238-1260, June.
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  4. Fabrizio Zilibotti & Matthias Doepke, 2014. "Parenting with Style: Altruism and Paternalism in Intergenerational Preference Transmission," 2014 Meeting Papers 343, Society for Economic Dynamics.
  5. Maria Zumbuhl & Thomas Dohmen & Gerard Pfann, 2013. "Parental Investment and the Intergenerational Transmission of Economic Preferences and Attitudes," Working Papers 2013-018, Human Capital and Economic Opportunity Working Group.
  6. William Harbaugh & Kate Krause & Lise Vesterlund, 2002. "Risk Attitudes of Children and Adults: Choices Over Small and Large Probability Gains and Losses," Experimental Economics, Springer;Economic Science Association, vol. 5(1), pages 53-84, June.
  7. Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2011. "Individual risk attitudes: Measurement, determinants, and behavioral consequences," Munich Reprints in Economics 20048, University of Munich, Department of Economics.
  8. Deon Filmer & Kinnon Scott, 2012. "Assessing Asset Indices," Demography, Springer;Population Association of America (PAA), vol. 49(1), pages 359-392, February.
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  10. Paul J. Devereux, 2008. "Like father, like son? A note on the intergenerational transmission of IQ scores," Open Access publications 10197/752, School of Economics, University College Dublin.
  11. Sutter, Matthias & Kocher, Martin G. & Daniela, G.-R. & Trautmann, Stefan T., 2013. "Impatience and uncertainty: Experimental decisions predict adolescents' field behavior," Munich Reprints in Economics 18223, University of Munich, Department of Economics.
  12. Bettinger, Eric & Slonim, Robert, 2007. "Patience among children," Journal of Public Economics, Elsevier, vol. 91(1-2), pages 343-363, February.
  13. Carneiro, Pedro & Meghir, Costas & Parey, Matthias, 2007. "Maternal Education, Home Environments and the Development of Children and Adolescents," IZA Discussion Papers 3072, Institute for the Study of Labor (IZA).
  14. Anderson, Lisa R. & Mellor, Jennifer M., 2008. "Predicting health behaviors with an experimental measure of risk preference," Journal of Health Economics, Elsevier, vol. 27(5), pages 1260-1274, September.
  15. Gneezy, U. & Potters, J.J.M., 1997. "An experiment on risk taking and evaluation periods," Other publications TiSEM da6ba1bf-e15c-41b2-ae95-c, Tilburg University, School of Economics and Management.
  16. Alberto Bisin & Thierry Verdier, 2000. ""Beyond the Melting Pot": Cultural Transmission, Marriage, and the Evolution of Ethnic and Religious Traits," The Quarterly Journal of Economics, Oxford University Press, vol. 115(3), pages 955-988.
  17. Bisin, A. & Verdier, T., 1997. "The Economics of Cultural Transmission and the Dynamics of Preferences," DELTA Working Papers 97-03, DELTA (Ecole normale supérieure).
  18. Charness, Gary & Gneezy, Uri, 2012. "Strong Evidence for Gender Differences in Risk Taking," Journal of Economic Behavior & Organization, Elsevier, vol. 83(1), pages 50-58.
  19. Charness, Gary & Viceisza, Angelino, 2011. "Comprehension and risk elicitation in the field: Evidence from rural Senegal," IFPRI discussion papers 1135, International Food Policy Research Institute (IFPRI).
  20. Cramer, J. S. & Hartog, J. & Jonker, N. & Van Praag, C. M., 2002. "Low risk aversion encourages the choice for entrepreneurship: an empirical test of a truism," Journal of Economic Behavior & Organization, Elsevier, vol. 48(1), pages 29-36, May.
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  22. Steffen Andersen & Seda Ertac & Uri Gneezy & John A. List & Sandra Maximiano, 2013. "Gender, Competitiveness, and Socialization at a Young Age: Evidence From a Matrilineal and a Patriarchal Society," The Review of Economics and Statistics, MIT Press, vol. 95(4), pages 1438-1443, October.
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