Many empirical and theoretical studies explore the effects of ex-ante risk and ex-post shocks on child education. While scholars share the opinion that shocks reduce investment in education, there is no general agreement over the effects of uncertainty on child schooling. This work uses the...

This paper provides a unified treatment of externalities associated with fertility and human capital accumulation as they relate to pension systems. It considers as overlapping generations model in which every generation consists of high earners and low earners with the proportion of types being...