演講主題：The Effect of Financial Resources on Fertility: Evidence from Administrative Data on Lottery Winners
This paper utilizes wealth shocks from winning lottery prizes to examine the causal effect of financial resources on fertility. We utilize extensive panels of administrative data encompassing over 0.4 million lottery winners in Taiwan and implement a tripledifferences design. Our analyses reveal that a substantial lottery win can significantly increase fertility and the implied wealth elasticity of fertility is around 0.06. Moreover, the primary channel through which fertility increases is by prompting first births among previously childless individuals. Finally, our analysis reveals approximately 25% of the total fertility effect stems from increased marriage rates following lottery wins.