Opportunity and inequality across generations

• 成果类型: Article
• 署名作者: Koeniger, Winfried; Zanella, Carlo
• 署名单位: University of St Gallen; Leibniz Association; Ifo Institut; IZA Institute Labor Economics
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2022.104623
• 发表日期: 2022
• 关键词: Asymmetric information; intergenerational mobility; INEQUALITY; human capital; Schooling; bequests

摘要

We analyze how intergenerational mobility and inequality would change relative to the status quo if dynasties had access to optimal insurance against low ability of future generations. Based on a dynamic, dynastic Mirrleesian model, we find that insurance against intergenerational ability risk increases in the social optimum relative to the status quo. This implies less intergenerational mobility in terms of welfare but no quantitatively significant change in earnings mobility. Earnings mobility is thus similar across economies with different incentives and welfare, illustrating that changes in earnings mobility cannot be interpreted readily in welfare terms without further analysis. (C) 2022 The Author(s). Published by Elsevier B.V.