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Daniel Leonard and Ngo V Long
''Endogenous changes in tastes''
( 2014, Vol. 34 No.2 )
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
D1 - Household Behavior: General
Manuscript Received : Nov 29 2013 Manuscript Accepted : May 06 2014

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