endogenous fertility setting. In the model of a small open economy, higher fertility is associated with a reduction of lifetime … labour supply. The optimum share of fertility-related pensions is always below unity, but generally positive. The former is … demonstrated that child allowances are equivalent to fertility-related pensions as instruments to achieve the optimum allocation …

Tertilt (Econometrica, 2007), to evaluate allocations in a general overlapping generations setting in which fertility choices … to finance their own consumption and fertility plans. If potential agents are identified by the dates in which they may …

their children. According to another, such negotiations are made unnecessary by self-enforcing family rules. Fertility … working-age people to man the physical capital and materially take care of the elderly. The link between fertility- and aging …