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...

Fertility rates are declining in many countries. But are fertility rates inefficiently low? This paper addresses this question by exploring the efficiency properties of equilibria in an overlapping generations setting with endogenous fertility and dynastic parental altruism, using a particular...