Fertility, Human Capital and the Wealth of Families
An overlapping generations model with parental altruism is examined. The existence of the optimal value function in a model with an endogenous discount rate is proven. Two development regimes are produced: a high fertility, low income and no growth steady state, and a perpetual growth equilibrium with low fertility and rising income.
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Volume (Year): 4 (1994)
Issue (Month): 4 (May)
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