conflict when defense capability is fixed, but may allow for security and prosperity when defense capability is endogenous … of conflict and stagnation. We illustrate the model by analyzing the rise of civilization in Sumeria and Egypt, the first …

market participation and financial wealth. Among participants, the average financial wealth elasticity of the risky share is … aversion. Furthermore, the financial wealth elasticity of the risky share itself is heterogeneous across investors and varies … strongly with characteristics. The elasticity decreases with financial wealth and human capital, and increases with habit, real …

We study the effect of wealth on labor supply using the randomized assignment of monetary prizes in a large sample of …

We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery … intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common …

Wealth is highly correlated between parents and their children; however, little is known about the extent to which … these relationships are genetic or determined by environmental factors. We use administrative data on the net wealth of a … relationship between the wealth of adopted and biological parents and that of the adopted child, we find that, even prior to any …

We estimate the effects of large, positive wealth shocks on marriage and fertility in a sample of Swedish lottery … players. For male winners, wealth increases marriage formation and reduces divorce risk, suggesting wealth increases men …'s attractiveness as prospective and current partners. Wealth also increases male fertility. The only discernible effect on female …

estimate a positive but statistically insignificant effect of lottery wealth on players' own conviction risk. Our … estimate a less precise null effect of parental lottery wealth on child delinquency …

Policymakers can take actions to prevent local conflict before it begins, if such violence can be accurately predicted …