ECON UNH Inheritance Affects the Labor Supply Carnegie Discussion

Read the article, “The Carnegie Conjecture: Some Empirical Evidence” by Douglas Holtz-Eakin and David Joulfain in the _Quarterly Journal of Economics_ (1993). Refer to it in answering the following questions: 1. What would standard neoclassical labor supply theory predict to be the impact of receiving an inheritance on labor supply? Would a recipient work more or less? Draw a diagram to illustrate your answer 2. Describe in detail the type of data that the authors use to test the Carnegie Conjecture empirically. How do they decide whether or not inheritances affect labor supply? What are their methods? 3. In the end, what is the conclusion that the authors draw from the data?

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