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On Efficient Child Making

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  • Philippe Michel
  • Bertrand Wigniolle

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Abstract

This paper is devoted to the study of the Pareto-efficiency of the competitive equilibrium for an overlapping generations economy with endogenous fertility. Pareto-efficiency needs a reformulation when fertility is endogenous. Then it is proved that a competitive equilibrium that converges in over-accumulation is non-Pareto-efficient. However, we provide an example in which a competitive equilibrium that converges in under-accumulation is non-Pareto-efficient. Finally, we give a general condition that ensures the Pareto-efficiency of the competitive equilibrium.

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File URL: http://hdl.handle.net/10.1007/s00199-006-0099-1
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 31 (2007)
Issue (Month): 2 (May)
Pages: 307-326

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Handle: RePEc:spr:joecth:v:31:y:2007:i:2:p:307-326

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Related research

Keywords: Endogenous fertility; Pareto-efficiency; D9; J13; D61;

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References

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  1. Mikhail Golosov & Larry E. Jones & Michèle Tertilt, 2007. "Efficiency with Endogenous Population Growth," Econometrica, Econometric Society, Econometric Society, vol. 75(4), pages 1039-1071, 07.
  2. Eckstein, Zvi & Wolpin, Kenneth I., 1985. "Endogenous fertility and optimal population size," Journal of Public Economics, Elsevier, vol. 27(1), pages 93-106, June.
  3. Shone,Ronald, 2002. "Economic Dynamics," Cambridge Books, Cambridge University Press, number 9780521017039, 9.
  4. de la Croix,David & Michel,Philippe, 2002. "A Theory of Economic Growth," Cambridge Books, Cambridge University Press, number 9780521001151, 9.
  5. Raut, L K & Srinivasan, T N, 1994. "Dynamics of Endogenous Growth," Economic Theory, Springer, Springer, vol. 4(5), pages 777-90, August.
  6. George B. Roberts, Chairman, Universities-National Bureau Committee for Economic Research, 1960. "Demographic and Economic Change in Developed Countries," NBER Books, National Bureau of Economic Research, Inc, number univ60-2, January.
  7. Michel, Philippe, 1990. "Some Clarifications on the Transversality Condition," Econometrica, Econometric Society, Econometric Society, vol. 58(3), pages 705-23, May.
  8. Nishimura, K. & Zhang, J., 1990. "Pay-As-You-Go Public Pensions With Endogenous Fertility," Papers, Australian National University - Department of Economics 202, Australian National University - Department of Economics.
  9. Rupa Chakrabarti, 1999. "Endogenous fertility and growth in a model with old age support," Economic Theory, Springer, Springer, vol. 13(2), pages 393-416.
  10. Willis, Robert J, 1973. "A New Approach to the Economic Theory of Fertility Behavior," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 81(2), pages S14-64, Part II, .
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