Dynamic microeconomic models of fertility choice: A survey
We review existing approaches to the specification and estimation of dynamic microeconomic models of fertility. Dynamic fertility models explain the evolution of fertility variates over the life-cycle as the solution to a dynamic programming model involving economic choices. Dynamic models may be classified into structural and reduced-form models. Structural models generally require solution of the underlying dynamic programming problem. Reduced-form models, while based on a structural specification, do not. Recent innovations in estimation methodologies make both types practical and realistic alternatives to static models of lifetime fertility. JEL classification: J13, C41, C61
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Volume (Year): 10 (1997)
Issue (Month): 1 ()
|Note:||Received August 26, 1994/Accepted October 23, 1996|
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