On Efficient Child Making
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.
|Date of creation:||May 2007|
|Date of revision:|
|Publication status:||Published, Economic Theory, 2007, 31, 2, 307-326|
|Note:||View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00185259|
|Contact details of provider:|| Web page: http://hal.archives-ouvertes.fr/ |
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