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On Efficient Child Making

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  • Philippe Michel

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - École des Hautes Études en Sciences Sociales (EHESS) - CNRS : UMR6579)

  • Bertrand Wigniolle

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne)

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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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00185259.

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Date of creation: May 2007
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Publication status: Published, Economic Theory, 2007, 31, 2, 307-326
Handle: RePEc:hal:cesptp:halshs-00185259

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00185259
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Keywords: endogenous fertility; Pareto-efficiency;

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  1. Rupa Chakrabarti, 1999. "Endogenous fertility and growth in a model with old age support," Economic Theory, Springer, Springer, vol. 13(2), pages 393-416.
  2. Michel, Philippe, 1990. "Some Clarifications on the Transversality Condition," Econometrica, Econometric Society, Econometric Society, vol. 58(3), pages 705-23, May.
  3. de la Croix,David & Michel,Philippe, 2002. "A Theory of Economic Growth," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521806428.
  4. Mikhail Golosov & Larry E. Jones, 2004. "Efficiency with Endogenous Population Growth," 2004 Meeting Papers, Society for Economic Dynamics 8, Society for Economic Dynamics.
  5. Eckstein, Zvi & Wolpin, Kenneth I., 1985. "Endogenous fertility and optimal population size," Journal of Public Economics, Elsevier, Elsevier, vol. 27(1), pages 93-106, June.
  6. Shone,Ronald, 2002. "Economic Dynamics," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521017039.
  7. 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.
  8. 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, .
  9. 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.
  10. Raut, L K & Srinivasan, T N, 1994. "Dynamics of Endogenous Growth," Economic Theory, Springer, Springer, vol. 4(5), pages 777-90, August.
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