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蔡詠諭, 韓幸紋, 羅光達, 楊子霆

The Effect of Financial Resources on Fertility: Evidence from Administrative Data on Lottery Winners (forthcoming in Journal of Labor Economics)

This study examines how financial resources affect fertility decisions by analyzing administrative data on lottery winners in Taiwan. Implementing a triple-differences design, we find that winning 5 million NT$ increases fertility by 0.06 children, with an implied wealth elasticity of 0.15. The effect primarily operates through childless individuals having their first child, while winners with existing children show smaller fertility responses but increase investments in child quality, such as purchasing homes in neighborhoods with better educational resources and funding overseas education. Additionally, about 29% of the fertility effect stems from increased marriage rates, particularly among male winners.

 

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