The Intergenerational Transmission of Income Volatility: Is Riskiness Inherited?
研究了父亲收入波动是否影响儿子收入波动，利用PSID数据发现两者正相关，且部分由风险容忍度和自雇倾向的代际传递解释。
This article examines the intergenerational transmission of income risk. Do risky parents have risky kids? Income volatility-a proxy for income risk-is not observed directly; instead, it must be estimated with substantial error from the time series variability of income. I characterize an income process with individual-specific volatility parameters and estimate the joint distribution of volatility parameters for fathers and for their adult sons. In data from the Panel Study of Income Dynamics, fathers with higher income volatility have sons with higher income volatility. This finding is correlated with, but far from fully explained by, the intergenerational transmission of risk tolerance and of the propensity for self-employment.