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On the optimality of PAYG pension systems in an endogenous fertility setting

Listed author(s):
  • AB O, G.
  • MAHIEU, G.
  • PATXOT, C.

In order to help in designing an accurate pension reform, we determine the resource allocation in an endogenous fertility model that generates an endogenous demographic transition by means of distinguishing between female and male labor. We analyze the problem of the optimal solution and characterize the decentralization of the first best. We show that a pension policy linking pension benefits to the number of children acts as a corrective tax system able to restore both the optimal capital stock and the optimal rate of population growth as a single instrument. We also show that neither a Beveridgean pension scheme nor a Bismarckian one can decentralize the first best.

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Article provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.

Volume (Year): 3 (2004)
Issue (Month): 01 (March)
Pages: 35-62

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Handle: RePEc:cup:jpenef:v:3:y:2004:i:01:p:35-62_00
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  1. Samuelson, Paul A, 1975. "The Optimum Growth Rate for Population," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(3), pages 531-538, October.
  2. Gary S. Becker & Kevin M. Murphy & Robert Tamura, 1994. "Human Capital, Fertility, and Economic Growth," NBER Chapters, in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd Edition), pages 323-350 National Bureau of Economic Research, Inc.
  3. MICHEL, Philippe & PESTIEAU, Pierre, "undated". "Population growth and optimality. When does serendipity hold?," CORE Discussion Papers RP 1072, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Loupias, C. & Wigniolle, B., 2004. "Régime de retraite et chute de la natalité : évolution des moeurs ou arbitrage micro-économique ?," Working papers 119, Banque de France.
  5. Oded Galor & David Weil, 1993. "The Gender Gap, Fertility and Growth," Working Papers 1993-12, Brown University, Department of Economics.
  6. Bental, Benjamin, 1989. "The Old Age Security Hypothesis and Optimal Population Growth," Journal of Population Economics, Springer;European Society for Population Economics, vol. 1(4), pages 285-301.
  7. Samuelson, Paul A, 1976. "The Optimum Growth Rate for Population: Agreement and Evaluations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 516-525, June.
  8. Kolmar, Martin, 2001. "Optimal Intergenerational Redistribution in a Two-Country Model with Endogenous Fertility," Public Choice, Springer, vol. 106(1-2), pages 23-51, January.
  9. Oded Galor & David N. Weil, 1998. "Population, Technology, and Growth: From the Malthusian Stagnation to the Demographic Transition and Beyond," Working Papers 98-3, Brown University, Department of Economics, revised 19 Aug 1998.
  10. Atkinson, A B & Sandmo, A, 1980. "Welfare Implications of the Taxation of Savings," Economic Journal, Royal Economic Society, vol. 90(359), pages 529-549, September.
  11. Schweizer, Urs, 1996. "Endogenous fertility and the Henry George Theorem," Journal of Public Economics, Elsevier, vol. 61(2), pages 209-228, August.
  12. Deardorff, Alan V, 1976. "The Optimum Growth Rate for Population: Comment," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(2), pages 510-515, June.
  13. Eckstein, Zvi & Wolpin, Kenneth I., 1985. "Endogenous fertility and optimal population size," Journal of Public Economics, Elsevier, vol. 27(1), pages 93-106, June.
  14. Galor, Oded & Weil, David, 1998. "Population, Technology and Growth: From the Malthusian Regime to the Demographic Transition," CEPR Discussion Papers 1981, C.E.P.R. Discussion Papers.
  15. Martin Kolmar, 1997. "Intergenerational redistribution in a small open economy with endogenous fertility," Journal of Population Economics, Springer;European Society for Population Economics, vol. 10(3), pages 335-356.
  16. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
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