期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2010
卷号：2010
期号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：This paper provides a unified treatment of externalities associated with fertility and human capital
accumulation within pas-as-you-go pension systems. It considers an overlapping generations model in which
every generation consists of high earners and low earners with the proportion of types being determined
endogenously. The number of children is deterministically chosen but the children’s future ability is in part
stochastic, in part determined by the family background, and in part through education. In addition to the
customary externality source associated with a change in average fertility rate, this setup highlights another
externality source. This is due to the effect of a parent’s choice of number and educational attainment of his
children on the proportion of high- ability individuals in the steady state. Our other results include: (i)
Investments in education of high- and low-ability parents must be subsidized; (ii) direct child subsidies to one
or both parent types can be negative; i.e., they can be taxes; (iii) net subsidies to children (direct child
subsidies plus education subsidies) to at least one type of parents must be positive; (iv) parents who have a
higher number of children should invest less in their education.
关键词：Generalized Nas Equilibrium, Quasi-Variational Inequalities, market coupling, counter-trading,
European electricity market.
