The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Sep, 1979, Volume 47, Issue 5
https://doi.org/0012-9682(197909)47:5<1175:HBPEAT>2.0.CO;2-G
p. 1175-1194
John Laitner
This paper investigates the role of inheritances in the determination of the national distribution of wealth. Assuming that households care both about their own consumption and that of their descendants, we construct a model of family bequest behavior. Then, embedding the model in a simple consumption-loan framework, we study the evolution of the national distribution of wealth. A key generalization of previous work is that we allow bequests to both male and female children so that each family receives two inheritances (one from the husband's parents and one from the wife's). This means the national distribution of wealth develops in a complicated manner depending on mating patterns. Using a fixed-point argument we prove the existence of a stationary distributionof wealth consistent with accurate expectations on the part of all households. We then present a test for uniqueness and several economic characterizations of all possible equilibria.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
