Yew, Siew Ling; Li, Shuyun May; Moslehi, Solmaz - 2022
In a life-cycle dynastic family model with endogenous fertility, labor-leisure, and accumulations of human and physical … externality. Compared with the social optimum, such externality causes higher fertility and less parental time and expenditure … excessive fertility and under-investment of parental expenditure in child human capital. By calibrating the laissez-faire model …