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...

Very few studies have explored the optimality properties of the "standard model" of fertility where parents must determine their optimal trade-off between quality and quantity. The present paper works to fill that gap and find three main results. First, when there exist positive externalities in...

We develop a theory of marriage and fertility, distinguishing the choice to have children from the choice of the number of children. The deep parameters of the model are identified from the 1990 US Census. We measure voluntary and involuntary childlessness, and explain why (1) single women are...

The purpose of this paper is to demonstrate that inherited human capital is a powerful vector of inequality formation and persistence, irrespective of its links with financial wealth endowment. This paper argues that the agents who inherit a low level of human capital bear a greater utility cost...

This paper analyzes a competition game between two universities that teach and research in the same jurisdiction. The resulting equilibrium is unique and symmetric but differs according to preferences, technologies and public policy. The budget for university finance is exogenously given and...

Aging of the population will affect the growth path of all countries. To assess the historical and future importance of this claim we use two popular approaches and evaluate their merits and disadvantages by confronting them to Swedish data. We first simulate an endogenous growth model with...

The debate about whether the arts should be supported or not is far from being recent, and most governments support the arts in one way or the other. The literature considers several arguments in favor of such interventions. Education may seem as an action which could, in the long run, lead to...

We examine the pathways by which gender inequality affects fertility and hampers growth. We introduce several dimensions of gender inequality into a 2-sex OLG model with a non-unitary representation of household decision-making. We characterize a Malthusian corner regime which is characterized...