endogenous fertility and longevity. The first-best solution for a number-dampened total social welfare function, including … preference for the population stock in the social welfare function increases fertility, but reduces individual utility, in the …

OLG model, with endogenous fertility and longevity, the optimal age structure, identified by number-dampened total … exceeds the observed, especially due to a very low fertility. Introducing a preference for the population stock increases the …