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A Contribution to the Economic Theory of Fertility

  • Marla Ripoll

    (University of Pittsburgh)

  • Juan Carlos Cordoba

    (Iowa State University)

We show that a non-separable formulation of preferences that allow for a low EIS but a high Elasticity of Intergenerational Substitution (EGS) can simultaneously account for the evidence of declining demand for children and increasing demand for longevity as income increases. The model with a single elasticity cannot account for both. Our results suggests a major role for a new parameter in macro, the EGS. While the EIS mostly influence short term economic decisions, the EGS influence mostly long term economic decisions.

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Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 1207.

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Date of creation: 2011
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Handle: RePEc:red:sed011:1207
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Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/
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