The Concentration of Wealth Within Family Lineages and Intergenerational Transfers. Pfeffer, F. T., Killewald, A., & Siliunas, A. .
The Concentration of Wealth Within Family Lineages and Intergenerational Transfers [link]Paper  abstract   bibtex   
Compared to income and earnings, wealth in the United States is substantially more unequally distributed (Budría Rodríguez et al. 2002; Scholz and Levine 2004). Access to wealth is in turn associated with a wide range of outcomes, including longevity, family formation, and the educational achievement and labor market outcomes of offspring (Attanasio and Emmerson 2003; Charles, Hurst, and Killewald 2013; Conley 1999, 2001; Pfeffer 2011; Bond Huie et al. 2003; Orr 2003; Schneider 2011). Furthermore, these associations are not fully explained by standard measures of socioeconomic advantage, such as income or education. The wealth distribution is thus an important measure of the concentration of social inequality and advantage. Unlike education and income, wealth can also be directly passed down to subsequent generations through bequests or inter vivos transfers. We analyze the role of these transfers in contributing to the concentration of wealth within family lineages. To measure the intergenerational persistence of family wealth, we use sibling correlations that capture the total variance in wealth shared by offspring from the same family. These correlations provide an overall measure of inequality in the opportunity to attain wealth – tied to a variety of factors, including not only specific parental characteristics (such as mother's education, parental income, or parental wealth) but also all other circumstances that individuals are born into (including, for instance, shared genetic material, cultural influences, neighborhood conditions, etc.). While sibling correlations provide little insight into the channels of intergenerational influences, they yield a meaningful overall measure of the type of inequality in opportunity to attain wealth based on the circumstances of birth that conflicts with common interpretations of justice (Roemer 1998, Dwarkin 2000). Sibling correlations have frequently been used to assess inequality in the opportunity to attain education, earnings, and other markers of socio-economic success (e.g., Jencks 1972, Solon et al. 1991). To our knowledge, there is only one study that estimates sibling correlations in wealth, finding them to be of similar size to those in earnings (Conley and Glauber 2005). We extend this research in two important ways.
@unpublished{pfefferConcentrationWealthFamily2016,
  title = {The {{Concentration}} of {{Wealth Within Family Lineages}} and {{Intergenerational Transfers}}},
  author = {Pfeffer, Fabian T. and Killewald, Alexandra and Siliunas, Andreja},
  date = {2016},
  publisher = {{University of Michigan, Institute for Social Research, Panel Study of Income Dynamics}},
  url = {https://psidonline.isr.umich.edu/Publications/Workshops/IntergenTransfers/Papers.aspx},
  abstract = {Compared to income and earnings, wealth in the United States is substantially more unequally distributed (Budría Rodríguez et al. 2002; Scholz and Levine 2004). Access to wealth is in turn associated with a wide range of outcomes, including longevity, family formation, and the educational achievement and labor market outcomes of offspring (Attanasio and Emmerson 2003; Charles, Hurst, and Killewald 2013; Conley 1999, 2001; Pfeffer 2011; Bond Huie et al. 2003; Orr 2003; Schneider 2011). Furthermore, these associations are not fully explained by standard measures of socioeconomic advantage, such as income or education. The wealth distribution is thus an important measure of the concentration of social inequality and advantage. Unlike education and income, wealth can also be directly passed down to subsequent generations through bequests or inter vivos transfers. We analyze the role of these transfers in contributing to the concentration of wealth within family lineages. To measure the intergenerational persistence of family wealth, we use sibling correlations that capture the total variance in wealth shared by offspring from the same family. These correlations provide an overall measure of inequality in the opportunity to attain wealth – tied to a variety of factors, including not only specific parental characteristics (such as mother's education, parental income, or parental wealth) but also all other circumstances that individuals are born into (including, for instance, shared genetic material, cultural influences, neighborhood conditions, etc.). While sibling correlations provide little insight into the channels of intergenerational influences, they yield a meaningful overall measure of the type of inequality in opportunity to attain wealth based on the circumstances of birth that conflicts with common interpretations of justice (Roemer 1998, Dwarkin 2000). Sibling correlations have frequently been used to assess inequality in the opportunity to attain education, earnings, and other markers of socio-economic success (e.g., Jencks 1972, Solon et al. 1991). To our knowledge, there is only one study that estimates sibling correlations in wealth, finding them to be of similar size to those in earnings (Conley and Glauber 2005). We extend this research in two important ways.},
  pagetotal = {24},
  keywords = {Intergenerational Transfers of Wealth},
  file = {C\:\\Users\\lukis\\AppData\\Roaming\\Zotero\\Zotero\\Profiles\\h20ej2eu.default\\zotero\\storage\\NWQV2FZ5\\Pfeffer et al_2016_The Concentration of Wealth Within Family Lineages and Intergenerational.pdf}
}
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