Human Capital, Heterogeneity and Estimated Degrees of Intergenerational Mobility
研究父母投资模型中的代际流动性，明确建模了先天收入能力与父母利他率的异质性，发现异质性增加了识别借贷约束家庭的难度，并导致经济模型与线性统计模型产生相似的代际数据。
We study the parental investment model of intergenerational mobility, where heterogeneity in "innate" earnings ability and parents' altruism rate is explicitly modelled. We show that heterogeneity increases the difficulty of detecting the existence of borrowing constrained families. Conversely, the presence of heterogeneity means that economic and linear statistical models of inheritance generate similar intergenerational data on consumption and earnings. We also suggest that nay cross-country differences in intergenerational earnings mobility are more readily interpreted according to the heterogeneity of inherited ability, rather than optimal family responses to country-specific institutions for accumulating human capital.