| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30350 |
| 来源ID | Working Paper 30350 |
| Genetic Endowments, Income Dynamics, and Wealth Accumulation Over the Lifecycle | |
| Daniel Barth; Nicholas W. Papageorge; Kevin Thom; Mateo Velásquez-Giraldo | |
| 发表日期 | 2022-08-15 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We develop and estimate a life-cycle consumption savings model in which observed genetic variation is allowed to affect wealth accumulation through several distinct channels. We focus on genetic markers that predict educational attainment, aggregated into a predictive index called a polygenic score. Based on substantial descriptive evidence, we allow variation in these endowments to affect earnings, the disutility of labor, stock market participation costs, and idiosyncratic rates of return on risky investments. The model also incorporates endogenous retirement and a realistic social security system. Parameter estimates suggest that, in addition to earnings, genetic differences are significantly associated with risky asset returns, both of which contribute to wealth inequality. Counterfactual policy exercises indicate that two ways to lower costs of an aging population (extending the age of retirement or cutting social security benefits) have similar magnitudes and distributions of welfare costs even though the latter policy appears to reduce wealth differences between agents with different genetic endowments. This illustrates the importance of welfare calculations when evaluating how genes interact with policy, which is possible to do if we incorporate genetic data into structural models. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Welfare and Collective Choice ; Financial Economics ; Public Economics ; Taxation ; National Fiscal Issues ; Health, Education, and Welfare ; Poverty and Wellbeing ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w30350 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/588023 |
| 推荐引用方式 GB/T 7714 | Daniel Barth,Nicholas W. Papageorge,Kevin Thom,et al. Genetic Endowments, Income Dynamics, and Wealth Accumulation Over the Lifecycle. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30350.pdf（631KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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