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Pareto-Efficiency and Endogenous Fertility: A Simple Model

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  • PHILIPPE MICHEL
  • BERTRAND WIGNIOLLE

Abstract

Pareto-efficiency of the competitive equilibrium is studied for a simple economy with overlapping generations and endogenous fertility. For CES utility and production functions, the properties of the economy are closely related to the two elasticities of substitution. The competitive equilibrium exists and is unique if the sum of the two elasticities is not less than one. For certain parameters, the equilibrium is both in under-accumulation and inefficient. When the sum of the two elasticities is greater than two, an equilibrium converging in under-accumulation is Pareto-efficient.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Mathematical Population Studies.

Volume (Year): 16 (2009)
Issue (Month): 1 ()
Pages: 36-59

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Handle: RePEc:taf:mpopst:v:16:y:2009:i:1:p:36-59

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Keywords: endogenous fertility; Pareto-efficiency;

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  1. Michel, Philippe & Pestieau, P, 1993. "Population Growth and Optimality: When Does Serendipity Hold?," Journal of Population Economics, Springer, Springer, vol. 6(4), pages 353-62, November.
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Cited by:
  1. Schoonbroodt, Alice & Tertilt, Michele, 2010. "Property rights and efficiency in OLG models with endogenous fertility," Discussion Paper Series In Economics And Econometrics, Economics Division, School of Social Sciences, University of Southampton 1020, Economics Division, School of Social Sciences, University of Southampton.
  2. Thomas Baudin, 2012. "The Optimal Trade-Off Between Quality and Quantity with Unknown Number of Survivors," Mathematical Population Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 19(2), pages 94-113, April.

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