failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The …) model with fertility choice and altruism, and model ownership by introducing a minimum constraint on transfers from parents … transfer floor is binding, fertility choices are inefficient. We show how this inefficiency relates to dynamic inefficiency in …

labor income tax on the fertility rate and per capita consumption. The effects on per capita consumption are opposite in the … hence stimulates per capita consumption. -- child allowance ; child rearing ; endogenous fertility ; wage income tax …