| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12744 |
| DP12744 Childless Aristocrats. Inheritance and the extensive margin of fertility | |
| Paula Gobbi; Marc Goñi | |
| 发表日期 | 2018-02-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We provide new evidence on the two-way link between fertility decisions on the extensive margin and inheritance. We focus on settlements, a popular inheritance scheme among British aristocrats that combined primogeniture and a one-generation entail of the family estates. Using peerage records (1650-1882), we find that settlements affected the extensive margin of fertility: they reduced childlessness rates by 14.7 pp., ensuring the survival of aristocratic dynasties. Since settlements were signed only if the family head survived until his heir's wedding, we establish causality by exploiting variation in the heirs birth order. Next, we show that the extensive margin of fertility can shape inheritance rules. We build a model with inter-generational hyperbolic discounting where inheritance rules affect fertility and, in turn, schemes restricting successors (e.g., settlements or trusts) emerge endogenously in response to concerns over the dynasty's survival. These results highlight the importance of fertility decisions for the analysis of inheritance. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Childlessness Inheritance Elites Settlement Fertility Inter-generational discounting |
| URL | https://cepr.org/publications/dp12744 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541554 |
| 推荐引用方式 GB/T 7714 | Paula Gobbi,Marc Goñi. DP12744 Childless Aristocrats. Inheritance and the extensive margin of fertility. 2018. |
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