Second, we exploit the large sample sizes to obtain inequality measures by age group and birth cohorts, thus being able to decompose observed trends in age profiles and birth cohort changes. For the five countries under analysis, the observed inequality of opportunity exhibits an inverted U- shaped pattern over the life cycle. Moreover, the most recent age cohorts have experienced a lower IOp, thus appearing as the main beneficiaries of the overall decline in inequality.

Third, the paper proposes a theoretical framework identifying the variables that affect (positively or negatively) inequality of opportunity. The framework is then estimated, and the data confirm the predicted signs. The analysis has focused on the role of three variables: the intergenerational persistence in educational attainment, the return of education, and the networking activity of parents. While the first two variables exhibit a declining trend, which other things constant should produce a decline in IOp, the third one appears to be rising in many countries, thus counteracting the effects of the first two. Consequently, the fair optimism that descriptive statistics suggest with respect to income inequality should be mitigated by paying attention to educational persistence and labor market segmentation.

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