Endogenous changes in tastes

Daniel Leonard () and Ngo Long
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Daniel Leonard: Flinders University

Economics Bulletin, 2014, vol. 34, issue 2, 923-937

Abstract: Parents care about their children, spend resources on educating them and bequeath them some physical and/or human capital. Here we argue that the actions of the parents have an influence, not only on the productive possiblities open to the children (through the captital they inherit) but also on their tastes and attitudes. We investigate the resulting dynamics of this idea. Several influences are identified but one startling result is that, if inheritance has a large influence on people's attitude to work, the pattern of behaviour becomes completely unpredictable after a few generations.

Keywords: Bequests; Tastes; Dynamics (search for similar items in EconPapers)
JEL-codes: C0 D1 (search for similar items in EconPapers)
Date: 2014-05-06
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Related works:
Working Paper: Endogenous Changes in Tastes (2014)
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