Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
I compare the predictions of two types of dynastic models for the persistence of wealth across generations: models that focus on uninsurable risk and intergenerational consumption smoothing but abstract from the fertility decision, such as Loury [1981] and Laitner [1992], and models without risk that focus on the fertility decision, such as Becker and Barro [1988]. I show that when both uninsurable risk and fertility decisions are present, a striking result obtains: wealthier parents have more children, but the transfer to each child is independent of wealth. Since this result is counterfactual, I also discuss extensions that can resurrect persistence. (Copyright: Elsevier)