Articlegreen2019

Genetic Endowments and Wealth Inequality

Daniel J. Barth · Nicholas Papageorge · Kevin Thom

154 citations0/0 files storedJournal of Political Economy

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Intergenerational and Educational Inequality Studies

Abstract

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.

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References

2007Down or Out: Assessing the Welfare Costs of Household Investment Mistakes 2015The Effects of School Spending on Educational and Economic Outcomes: Evidence from School Finance Reforms *2004Wealth Inequality and Intergenerational Links 2011Handbook of Social Economics 2011IQ and Stock Market Participation 2017Optimal Financial Knowledge and Wealth Inequality 2011Are High-Quality Schools Enough to Increase Achievement Among the Poor? Evidence from the Harlem Children's Zone 2014Determinants of College Major Choice: Identification using an Information Experiment

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