From Andreas Fagereng, Magne Mogstad, and Marte Rønning via Marginal Revolution.
Abstract: We show that family background matters significantly for children’s accumulation of wealth and investor behavior as adults, even when removing the genetic connection between children and the parents raising them. The analysis is made possible by linking Korean-born children who were adopted at infancy by Norwegian parents to a population panel data set with detailed information on wealth and socio-economic characteristics. The mechanism by which these Korean-Norwegian adoptees were assigned to adoptive families is known and effectively random. This mechanism allows us to estimate the causal effects from an adoptee being raised in one type of family versus another.
1 comment:
This is why we should take all the children of economically poor parents and give them to economically rich people.
This would be the biggest success boost we could give these children.
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