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Effciency with Endogenous Population Growth

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  • Mikhail Golosov
  • Larry E Jones
  • Michèle Tertilt

Abstract

In this paper, we generalize the notion of Pareto-efficiency to make it applicable to environments with endogenous populations. Two different efficiency concepts are proposed, P-efficiency and A-efficiency. The two concepts differ in how they treat people that are not born. We show how these concepts relate to the notion of Pareto efficiency when fertility is exogenous. We then prove versions of the first welfare theorem assuming that decision making is efficient within the dynasty. Finally, we give two sets of sufficient conditions for non-cooperative equilibria of family decision problems to be efficient. These include the Barro and Becker model as a special case

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Paper provided by David K. Levine in its series Levine's Working Paper Archive with number 666156000000000310.

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Date of creation: 22 Oct 2003
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Handle: RePEc:cla:levarc:666156000000000310

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  26. Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-38, October.
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