Efficiency with endogenous population growth

Golosov, Mikhail ; Jones, Larry E. ; Tertilt, Michèle

URL: https://www.minneapolisfed.org/research/wp/wp630.p...
Additional URL: https://www.researchgate.net/publication/24121767_...
Document Type: Working paper
Year of publication: 2004
The title of a journal, publication series: Working Paper / Federal Reserve Bank of Minneapolis, Research Department
Volume: 630
Place of publication: Minneapolis, MN
Publication language: English
Institution: School of Law and Economics > Makro- u. Entwicklungsökonomie (Tertilt 2010-)
Subject: 330 Economics
Abstract: In this paper, we generalize the notion of Pareto-efficiency to make it applicable to environments with endogenous populations. Two efficiency concepts are proposed, P-efficiency and A-efficiency. The two concepts differ in how they treat people who are not born. We show how these concepts relate to the notion of Pareto-efficiency when fertility is exogenous. We then prove versions of the first welfare theorem assuming that decision making is efficient within the dynasty. Finally, we give two sets of sufficient conditions for non-cooperative equilibria of family decision problems to be efficient. These include the Barro and Becker model as a special case.

Dieser Datensatz wurde nicht während einer Tätigkeit an der Universität Mannheim veröffentlicht, dies ist eine Externe Publikation.

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