Hoyt Bleakley|Joseph P. Ferrie
Shocking Behavior: Random Wealth in Antebellum Georgia and Human Capital Across Generations *
University of Michigan–Ann Arbor|Northwestern University
lack wealth constrain parents investments human capital descendants conduct nearly fiftyyear followup episode constraints would plausibly relaxed random allocation substantial wealth families track descendants participants georgias cherokee land lottery 1832 nearly every adult white male georgia took part winners received close median level wealth large financial windfall orthogonal participants underlying characteristics might also affected childrens human capital although winners slightly children nonwinners send school sons winners better adult outcomes wealth income literacy sons nonwinners winners grandchildren higher literacy school attendance nonwinners grandchildren suggests limited role family financial resources formation human capital next generations environment potentially important role factors persist family lines