This paper studies the design of a pay-as-you-go social security system in a society where fertility is in part … children. The second-best level of investment in children, and the resulting average fertility rate, are less than their …

In this paper we consider an overlapping generations model with endogenous fertility and two-sided altruism and show …, fertility and savings decisions, and on Pareto optimality of equilibrium allocation. We show that the learning equilibrium …

the downward trends in family formation and fertility worldwide, and for a slowdown in the rates of savings and economic …

There are about 30 low-fertility countries globally. Germany has been a low-fertility country for more than 50 years …. Low-fertility rates have mainly negative consequences for various policy areas such as pension, health care, economy … of social protection policies on fertility rates is crucial for policymakers who seek to address declining fertility …