Genetic Endowments and Wealth Inequality

• 成果类型: Article
• 署名作者: Barth, Daniel; Papageorge, Nicholas W.; Thom, Kevin
• 署名单位: University of Southern California; Johns Hopkins University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/705415
• 发表日期: 2020
• 页码: 1474-1522
• 关键词: educational-attainment; portfolio choice; RISK; QUALITY; probabilities; heritability; achievement; retirement; variants; impacts

摘要

We show that genetic endowments linked to educational attainment strongly and robustly predict wealth at retirement. The estimated relationship is not fully explained by flexibly controlling for education and labor income. We therefore investigate a host of additional mechanisms that could account for the gene-wealth gradient, including inheritances, mortality, risk preferences, portfolio decisions, beliefs about the probabilities of macroeconomic events, and planning horizons. We provide evidence that genetic endowments related to human capital accumulation are associated with wealth not only through educational attainment and labor income but also through a facility with complex financial decision-making.