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Pensions, fertility, and education

  • Meier, Volker
  • Wrede, Matthias

A pay-as-you-go pension scheme is associated with positive externalities of having children and providing them with human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and education, we discuss internalization policies associated with child benefits in the pension formula. The second-best scheme displays both a benefit contingent on the contributions of children and a purely fertility-related component. Copyright

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Paper provided by University of Munich, Department of Economics in its series Munich Reprints in Economics with number 19214.

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Date of creation: 2010
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Publication status: Published in Journal of Pension Economics and Finance 1 9(2010): pp. 75-93
Handle: RePEc:lmu:muenar:19214
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  1. G. Abío & Geraldine Mahieu & Cio Patxot, 2003. "On the Optimality of PAYG Pension Systems in an Endogenous Fertility Setting," CESifo Working Paper Series 1050, CESifo Group Munich.
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  25. Becker, Gary S & Barro, Robert J, 1988. "A Reformulation of the Economic Theory of Fertility," The Quarterly Journal of Economics, MIT Press, vol. 103(1), pages 1-25, February.
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