Pension Participation: Do Parents Transmit Time Preference?

Elena Gouskova; Ngina Chiteji; Frank Stafford

doi:10.1007/s10834-010-9181-8

Pension Participation: Do Parents Transmit Time Preference?

Elena Gouskova, Ngina Chiteji, Frank Stafford

Strategies to Reduce Inequality

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Abstract

A wide range of economic and health behaviors are influenced by individuals' attitudes toward the future-including investments in human capital, health capital and financial capital. Intergenerational correlations in such behaviors suggest an important role the family may play in transmitting time preferences to children. This article presents a model of parental investment in future-oriented capital, where parents shape their children's time preference rates. The research identifies a dual role for a parent's time preference rate in the process of shaping the offspring's attitude toward the future, and discusses paths through which parents may socialize children to be patient. The model's implications are studied by investigating the parent-child correlation in pension participation using data from the Panel Study of Income Dynamics

Original language	English (US)
Pages (from-to)	138-150
Number of pages	13
Journal	Journal of Family and Economic Issues
Volume	31
Issue number	2
DOIs	https://doi.org/10.1007/s10834-010-9181-8
State	Published - 2010

Keywords

Family and economic issues
Human capital theory
Intergenerational correlations
Pensions
Saving

ASJC Scopus subject areas

Social Psychology
Economics and Econometrics

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10.1007/s10834-010-9181-8

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Pension Participation: Do Parents Transmit Time Preference?

Abstract

Keywords

ASJC Scopus subject areas

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