Cremer, Helmuth; Gahvari, Firouz; Pestieau, Pierre - Département et Laboratoire d'Économie Théorique … - 2003
This paper models a two-period overlapping generations economy in the steady state where the realization of the quantity/quality number of children depends on an initial investment in children and on a random shock. It shows that the implementation of the first-best allocation, in which the...