Effects of Aspirations and Habits on the Distribution of Wealth
分析了当个人劳动生产力受异质性冲击且遗赠源于赠予愉悦动机时，抱负和习惯如何影响财富分布。发现抱负降低平均财富、增加代内波动和代际流动性，而习惯则相反。
Abstract We analyze how the introduction of habits and aspirations affects the distribution of wealth when the labor productivity of individuals is subject to idiosyncratic shocks and when bequests arise from a joy‐of‐giving motive. In the presence of either bequests or aspirations, labor income shocks are transmitted intergenerationally, and this transmission, together with contemporaneous shocks, determines the distribution of wealth. We show that the introduction of aspirations (habits) decreases (increases) the average wealth, and increases (decreases) both its intragenerational variability and the degree of intergenerational mobility. Therefore, a distinction between aspirations and habits is relevant because they involve different implications for the distribution of wealth.