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Pensions with endogenous and stochastic fertility

Author

Listed:
  • CREMER, Helmuth
  • GAHVARI, Firouz
  • PESTIEAU, Pierre

Abstract

This paper studies the design of a pay-as-you-go social security system in an overlapping generations model where fertility is in part stochastic and in part determined through capital investment. If investments are publicly observable, pension benefits must be linked positively to the level of investment, and payroll taxes negatively to the number of children. The outcome is characterized by full insurance with all parents, regardless of their number of children, enjoying identical consumption levels. Without observability, benefits must increase, and payroll taxes decrease, with the number of children. The second-best level of investment, and the resulting average fertility rate, are less than their corresponding first-best levels.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • CREMER, Helmuth & GAHVARI, Firouz & PESTIEAU, Pierre, 2006. "Pensions with endogenous and stochastic fertility," LIDAM Reprints CORE 1928, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1928
    DOI: 10.1016/j.jpubeco.2006.03.007
    Note: In : Journal of Public Economics, 90, 2303-2321, 2006
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    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth

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