An Existence Theorem on the Stationary State of Income Distribution and Population Growth
AbstractThrough a utility-maximizing process, individuals derive their optimal fertility and bequest decisions both as functions of their initial socioeconomic backgrounds. The combination of these two decisions form a multitype Galton-Watson process. Under weak assumptions, it is proved that the economy will converge to a unique stationary state that implies both a constant population growth rate and a time-invariant income distribution. As such, this paper extends the Becker-Willis static microlevel fertility demand model to a dynamic macrolevel population growth model. Alternatively, the author's model can be viewed as a generalization of J. Laitner's stochastic income theory where no differential fertility is allowed. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 31 (1990)
Issue (Month): 1 (February)
Contact details of provider:
Postal: 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297
Phone: (215) 898-8487
Fax: (215) 573-2057
Web page: http://www.econ.upenn.edu/ier
More information through EDIRC
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Tuomas, Malinen, 2011. "Inequality and savings: a reassesment of the relationship in cointegrated panels," MPRA Paper 33350, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or ().
If references are entirely missing, you can add them using this form.