This paper explores the properties of the notions of A-efficiency and P-efficiency, proposed by Golosov, Jones and Tertilt (Econometrica, 2007), to evaluate allocations in a general overlapping generations setting in which fertility choices are endogenously selected from a continuum and any two...

This paper explores the properties of the notions of <math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"> <mi mathvariant="script">A</mi> </math>‐efficiency and <math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"> <mi mathvariant="script">P</mi> </math>‐efficiency, which were proposed by Golosov et al.. (2007), to evaluate allocations in a general overlapping generations setting in which...