Croix, David De La; Mahieu, Géraldine; Rillaers, Alexandra - In: Journal of Public Economic Theory 6 (2004) 4, pp. 607-636
We analyze the impact of a drop in fertility on the optimal allocation of resources in an overlapping generations economy where old workers care about leisure. We also characterize optimal dynamics and study the decentralization of the optimum by means of inter-generational transfers and/or...