G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12744
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
URLhttps://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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