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Overlapping Generations (overlapping + generation)
Selected AbstractsThe Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social SecurityECONOMETRICA, Issue 2 2003Andrew B. Abel Is the stock market boom a result of the baby boom? This paper develops an overlapping generations model in which a baby boom is modeled as a high realization of a random birth rate, and the price of capital is determined endogenously by a convex cost of adjustment. A baby boom increases national saving and investment and thus causes an increase in the price of capital. The price of capital is mean,reverting so the initial increase in the price of capital is followed by a decrease. Social Security can potentially affect national saving and investment, though in the long run, it does not affect the price of capital. [source] FISCAL POLICY, EXPECTATION TRAPS, AND CHILD LABORECONOMIC INQUIRY, Issue 3 2007PATRICK M. EMERSON This paper develops a dynamic model with overlapping generations where there are two possible equilibria: one without child labor, and one with it. It is shown that intergenerational transfers can eliminate the child labor equilibrium and that this intervention is Pareto improving. However, if society does not believe that the government will implement the transfer program, it won't, reinforcing society's expectations. This is true even if the transfer program would have been implemented in the absence of uncertainty. Thus a government may be powerless to prevent the child labor equilibrium if it does not command the confidence of their populace, leaving the country in an expectations trap. (JEL D91, E60, J20, O20) [source] Equilibrium Determinacy under Monetary and Fiscal Policies in an Overlapping Generations ModelECONOMIC NOTES, Issue 3 2005Alessandro Piergallini This paper studies the issue of equilibrium determinacy under monetary and fiscal policy feedback rules in an optimizing general equilibrium model with overlapping generations and flexible prices. It is shown that equilibria may be determinate also when monetary and fiscal policies are both ,passive'. In particular, under passive monetary rules, equilibrium uniqueness is more likely to be verified when fiscal policies are less committed to public debt stabilization. [source] The E-Correspondence PrincipleECONOMICA, Issue 293 2007GEORGE W. EVANS We present a new application of Samuelson's Correspondence Principle to the analysis of comparative dynamics in stochastic rational expectations models. Our version, which we call the E-correspondence principle, applies to rational expectations equilibria that are stable under least squares and closely related learning rules. With this technique it is sometimes possible to study, without explicitly solving for the equilibrium, how qualitative properties of the equilibrium are affected by changes in the model parameters. Applications to overlapping generations and New Keynesian models illustrate the potential of the technique. [source] School Attendance and Skill Premiums in France and the US: A General Equilibrium Approach,FISCAL STUDIES, Issue 4 2007David De La Croix We evaluate the effect of education policies, welfare programmes, technology and demographics on the differential evolution of the skill premium and on the rise in education investment in France and the US. We use a computable general equilibrium model with overlapping generations of individuals and endogenous education decisions. Human capital has two substitutable components - experience and education - both of which evolve endogenously over time. We use an original method to calibrate our model properly on the post-war period and run counterfactual experiments to assess the relative contributions of the different exogenous variables. The expansionary French education policy boosted the supply of skills and kept the skill premium low. In contrast, increasing education costs in the US contributed to increased wage differentials by reducing the rise in educational attainment. Skill-biased technical change is key to understanding rising school attendance and skill premiums in the US. It has a less important role and appears to be delayed in France. [source] Life history and production of Agapetus quadratus (Trichoptera: Glossosomatidae) in a temporary, spring-fed streamFRESHWATER BIOLOGY, Issue 6 2005MARUXA ÁLVAREZ Summary 1. The life history and trophic basis of production of the caddisfly grazer Agapetus quadratus were studied in the torrent Gorg Blau, a spring-fed stream on the island of Majorca that dries annually during summer. 2. Quantitative random samples were taken every 2,3 weeks during an annual surficial flow period, from November 2000 to mid-July 2001. Instars of field-collected larvae were determined by measurements of head width and pronotum length, and the sex of all pupae was determined to study sexual dimorphism and sex ratio. 3. Stage-frequency histograms suggested a trivoltine population, with an average cohort time of 4 months. Larval development was asynchronous, with continuous growth and overlapping generations. Recruitment peaks were identified in mid-November, early March and late June, indicative of winter, spring and summer generations. On average, females were larger than males and the mean sex ratio was 2 : 3 (females : males). Population densities and biomasses derived from the field data were used to calculate production and turnover rate. 4. Annual production of A. quadratus in the torrent Gorg Blau (4.80 g dry mass m,2 year,1) was the highest ever reported for the genus, being comparable with that estimated for some insects with rapid development and multiple cohorts. 5. Estimates of production of A. quadratus were combined with foregut content analysis to estimate the fraction of total production derived from the principal food sources: algae and organic detritus. Algae supported a major proportion of the production of this grazer. 6. The low density of predators characteristic of many temporary streams, and the small amplitudes in discharge and temperature during most of the wet period that characterise the spring habitats might allow high levels of grazer production in this particular Mediterranean stream. [source] A welfare analysis of social security in a dynastic framework*INTERNATIONAL ECONOMIC REVIEW, Issue 4 2003Luisa Fuster In this article, we study the welfare effects of unfunded social security in a general equilibrium model populated with overlapping generations of altruistic individuals that differ in lifetime expectancy and earnings ability. Contrary to previous research, our results indicate that steady-state welfare increases with social security for most households, although by very different amounts. This result is mainly due to two factors. First, the presence of two-sided altruism significantly mitigates the crowding out effect of unfunded social security. Second, ability shocks and uncertain lifetimes generate significant heterogeneity among households to yield different induced preferences for social security. [source] On the stabilizing virtues of imperfect competitionINTERNATIONAL JOURNAL OF ECONOMIC THEORY, Issue 4 2005Thomas Seegmuller D43; E32 We analyze the stabilizing role of imperfect competition on fluctuations as a result of indeterminacy and endogenous cycles. In this paper, imperfect competition is a source of monopoly profits, because of producer market power. Considering an overlapping generations model with capital accumulation and elastic labor supply, we show that under imperfect competition, the emergence of endogenous fluctuations requires a weaker substitution between production factors than under perfect competition. In this sense, imperfect competition stabilizes fluctuations. However, we find an opposite conclusion concerning the elasticity of labor supply. Indeed, endogenous fluctuations are compatible with a less elastic labor supply under imperfect competition. [source] Genetic description of a divergent selection experiment in Angora rabbits with overlapping generationsJOURNAL OF ANIMAL BREEDING AND GENETICS, Issue 3 2009S.A. Rafat Summary The chief aims of this paper were the following: (i) to describe the demography and genetic structure in two divergent selected lines for total fleece weight (TFW) of French Angora rabbits with overlapping generations; (ii) to describe the effects of inbreeding during an experiment of divergent selection. A study of longevity with the survival kit showed that there was no significant difference in the risk of death or culling between the low line (LL) and high line (HL). A significant effect of inbreeding (p < 0.05) was observed with a 30% higher risk factor in the highest class of inbreeding coefficient compared with the other classes. The means of generation interval were 562 and 601 days in LL and HL, respectively. The numbers of generations for LL and HL were 3.90 and 3.64, respectively. Generation intervals decreased significantly from 1995 to 2000 (p < 0.05). The number of daughters in HL was very variable. The number of animals per generation was higher in HL than in LL. Each buck left nearly three daughters to the next generation (2.52 in LL, 3.24 in HL). In both lines, the effective number of ancestor genomes still present in the genetic pool of the generation was around eight from the reference population of 1995 to that of 2001. Inbreeding in HL was always higher than in LL. The effect of inbreeding was also significant (p < 0.05) on TFW and live weight. The animals with the lowest inbreeding category produced a higher TFW (p < 0.05) than the others. The observed selection differentials were lower than that expected owing to the breeding animal management rules in order to control inbreeding increase. [source] Host reproduction and a sexually transmitted disease: causes and consequences of Coccipolipus hippodamiae distribution on coccinellid beetlesJOURNAL OF ANIMAL ECOLOGY, Issue 1 2004K. Mary Webberley Summary 1We know that sexually transmitted parasites and pathogens have extremely deleterious effects in human and domesticated animal populations, but know little of sexually transmitted diseases (STDs) in natural populations. 2One previously reported natural system is the sexually transmitted mite, Coccipolipus hippodamiae, on the eastern European coccinellid, Adalia bipunctata. Our aims were to determine how widespread this parasite is in terms of incidence and prevalence across host species, to identify the causes of the prevalence pattern and whether the parasite reduces fertility in all host species. 3Coccipolipus hippodamiae was present on four of 19 European species examined. The wide distribution and high prevalence of C. hippodamiae on A. bipunctata indicates that this is the major host. The mite was also present at substantial prevalence on Adalia decempunctata and at lower prevalence on Synharmonia (=Oenopia) conglobata and Calvia quatuordecimguttata. 4Laboratory studies on mite development time and transmission efficiency revealed that although physiological factors may affect incidence, they do not explain prevalence variation between hosts, but characteristics of host life history and reproductive behaviour are important in this context. Adalia bipunctata is more promiscuous than the less commonly infected A. decempunctata and S. conglobata. Diapause is needed before breeding will occur in C. quatuordecimguttata, leading to a lack of the consistent sexual activity between generations, which is needed for STD maintenance. Calvia quatuordecimguttata is probably periodically reinfected through hybrid matings with other host species. 5Coccipolipus hippodamiae infection has similar strong deleterious effects on female reproduction in A. decempunctata and S. conglobata as have previously been demonstrated in A. bipunctata. 6The results indicate that STDs may play a profound role in the ecology of promiscuous insect populations with overlapping generations. Here they may reach significant prevalence whilst exhibiting extreme virulence. [source] Dynamic Competition with Experience GoodsJOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, Issue 1 2006J. Miguel Villas-Boas This paper considers dynamic competition in the case in which consumers are only able to learn about their preferences for a certain product after experiencing it. After trying a product a consumer has more information about that product than about untried products. When competing in such a market firms with more sales in the past have an informational advantage because more consumers know their products. If products provide a better-than-expected fit with greater likelihood, taking advantage of that informational advantage may lead to an informational disadvantage in the future. This paper considers this competition with an infinite horizon model in a duopoly market with overlapping generations of consumers. Two effects are identified: On one hand marginal forward-looking consumers realize that by purchasing a product in the current period will be charged a higher expected price in the future. This effect results in reduced price sensitivity and higher equilibrium prices. On the other hand, forward-looking firms realize that they gain in the future from having a greater market share in the current period and compete more aggressively in prices. For similar discount factors for consumers and firms, the former effect is more important, and prices are higher the greater the informational advantages. The paper also characterizes oscillating market share dynamics, and comparative statics of the equilibrium with respect to consumer and firm patience, and the importance of the experience in the ex post valuation of the product. [source] International Asset Trade, Capital Income Taxation, and Specialization PatternsJOURNAL OF PUBLIC ECONOMIC THEORY, Issue 5 2008KOICHI FUTAGAMI This paper constructs a small economy version of dynamic Heckscher-Ohlin models with overlapping generations and analyzes effects of capital income taxation on the specialization pattern of the country. It is shown that once international asset trade is allowed, in the presence of international technological asymmetries, a small country eventually leads to perfect specialization in our overlapping generations model. It is also shown that the residence-based tax has no effect on the specialization pattern while the source-based tax has a negative effect on capital accumulation and thereby it can affect the specialization pattern of the small country. [source] Time Consistent Optimal Redistribution Policy in an Overlapping Generations ModelJOURNAL OF PUBLIC ECONOMIC THEORY, Issue 1 2004Oliver Lorz This paper analyzes optimal redistribution policy in a two-period version of the overlapping generations model with heterogeneous individuals and asymmetric information between the government and the private sector. The government of the first period determines redistribution transfers for the first period but is not able to set the policy variables for the second period. With respect to savings the paper considers two scenarios: In the first scenario savings are observable and the government can set individual savings levels in addition to redistributive transfers. In the second scenario savings and capital incomes are not observable. In both cases the redistribution equilibrium is not second-best efficient. [source] Optimal Monetary Policy, Taxes, and Public Debt in an Intertemporal EquilibriumJOURNAL OF PUBLIC ECONOMIC THEORY, Issue 3 2002Bertrand Crettez This article is devoted to a study of the optimal monetary and fiscal policies within the framework of an overlapping generations model with cash-in-advance constraints. We first characterize the intertemporal equilibrium. Then we show how to decentralize the optimal growth path using available policy instruments (i.e., labor income and capital taxes, public debt, money supply). Between the four instruments: wages and capital taxes, debt and monetary policy, one is redundant among the three last which implies that the Friedman Rule is only a special case. [source] Endogenous Random Asset Prices in Overlapping Generations EconomiesMATHEMATICAL FINANCE, Issue 1 2000Volker Böhm This paper derives a general explicit sequential asset price process for an economy with overlapping generations of consumers. They maximize expected utility with respect to subjective transition probabilities given by Markov kernels. The process is determined primarily by the interaction of exogenous random dividends and the characteristics of consumers, given by arbitrary preferences and expectations, yielding an explicit random dynamical system with expectations feedback. The paper studies asset prices and equity premia for a parametrized class of examples with CARA utilities and exponential distributions. It provides a complete analysis of the role of risk aversion and of subjective as well as rational beliefs. [source] CAPITALISTS, WORKERS AND SOCIAL SECURITYMETROECONOMICA, Issue 2 2007Thomas R. Michl ABSTRACT This paper elaborates an exogenous growth model that nests overlapping generations of workers who save for life cycle reasons with dynastic agents who save for bequest reasons (,capitalists'). The model overcomes Marglin's objection that the overlapping generations framework requires special assumptions about technology, and it also provides a natural environment to revisit Samuelson's analysis of lump-sum transfers between generations. The ability of a benevolent planner to improve workers' welfare is severely restricted by the control capitalists exercise over the accumulation process. Prefunding social security assumes renewed significance because it overcomes this restriction. [source] Single- or multistage regulation in complex life cycles: does it make a difference?OIKOS, Issue 2 2000Barbara Hellriegel Data on the different stages of complex life cycles are often rather unbalanced, especially those concerning the effects of density. How does this affect our understanding of a species' population dynamics? Two discrete three-stage models with overlapping generations and delayed maturation are constructed to address this question. They assume that survival or emigration in any life stage and/or reproduction can be density dependent. A typical pond-breeding amphibian species with a well-studied larval stage serves as an example. Numerical results show that the population dynamics resulting from density dependence at a single (e.g. the larval) stage can be decisively and unpredictably modified by density dependence in additional stages. Superposition of density-dependent processes could thus be one reason for the difficulties in identifying density dependence in the field. Moreover, in a simulated source-refuge system with habitat-specific density-dependent dispersal of juveniles density dependence in multiple stages can stabilize or destabilize the dynamics and produce misleading age structures. From an applied perspective this model shows that excluding multistage regulation prematurely clearly affects our ability to predict consequences of human impacts. [source] STOCK PRICE VOLATILITY, NEGATIVE AUTOCORRELATION AND THE CONSUMPTION,WEALTH RATIO: THE CASE OF CONSTANT FUNDAMENTALSPACIFIC ECONOMIC REVIEW, Issue 2 2010Charles Ka Yui Leung Based on infinite horizon models, previous theoretical works show that the empirical stock price movement is not justified by the changes in dividends. The present paper provides a simple overlapping generations model with constant fundamentals in which the stock price displays volatility and negative autocorrelation even without changes in dividend. The horizon of the agents matters. In addition, as in recent empirical works, the aggregate consumption,wealth ratio ,predicts' the asset return. Thus, this framework may be useful in understanding different stylized facts in asset pricing. Directions for future research are also discussed. [source] Fetal programming: Adaptive life-history tactics or making the best of a bad start?AMERICAN JOURNAL OF HUMAN BIOLOGY, Issue 1 2005James Holland Jones Fetal programming is an ontogenetic phenomenon of increasing interest to human biologists. Because the downstream consequences of fetal programming have clear impacts on specific life-history traits (e.g., age at first reproduction and the general age-pattern of reproductive investments), a number of authors have raised the question of the adaptive significance of fetal programming. In this paper, I review in some detail several classical models in life-history theory and discuss their relative merits and weaknesses for human biology. I suggest that an adequate model of human life-history evolution must account for the highly structured nature of the human life cycle, with its late age at first reproduction, large degree of iteroparity, highly overlapping generations, and extensive, post-weaning parental investment. I further suggest that an understanding of stochastic demography is essential for answering the question of the adaptive significance of fetal programming, and specifically the finding of low birth weight on smaller adult body size and earlier age at first reproduction. Using a stage-structured stochastic population model, I show that the downstream consequences of early deprivation may be "making the best of a bad start" rather than an adaptation per se. When a high-investment strategy entails survival costs, the alternate strategy of early reproduction with relatively low investment may have higher fitness than trying to play the high-investment strategy and failing. Am. J. Hum. Biol. 17:22,33, 2005. © 2004 Wiley-Liss, Inc. [source] Population Ageing and House Prices in AustraliaTHE AUSTRALIAN ECONOMIC REVIEW, Issue 3 2010Ross Guest This article assesses the effect of population ageing on housing consumption and house prices. Using two approaches, this article finds that the ageing of the population may cause average real house prices to be between 3 and 27 per cent lower than they otherwise would be over the period 2008,2050. The first approach is an econometric estimation of house prices for Australia over the period 1980,2008. The second approach is a simulation of a life cycle-optimising model with representative overlapping generations. [source] Smoothing the Fiscal Costs of Population Ageing in Australia: Effects on Intergenerational Equity and Social Welfare,THE ECONOMIC RECORD, Issue 265 2008ROSS GUEST This paper applies an overlapping generations model in order to evaluate the case for smoothing the fiscal costs associated with population ageing. The motivation is the establishment in Australia of the Future Fund which acts to smooth the tax burden over time. The conclusion is that tax smoothing of the order implied by the Future Fund yields a gain in social welfare in the order of 1.0 per cent in equivalent annual increases in GDP. All current generations of workers and retired workers are worse off, with middle-aged workers the worst affected, but future generations are better off and by larger magnitudes. [source] CAPITAL,LABOUR SUBSTITUTION AND ENDOGENOUS FLUCTUATIONS: A MONOPOLISTIC COMPETITION APPROACH WITH VARIABLE MARKUP,THE JAPANESE ECONOMIC REVIEW, Issue 3 2009THOMAS SEEGMULLER This paper analyses an overlapping generations model with endogenous product diversity where strategic interactions between producers are introduced; it examines how they affect the stability properties of the steady state. Because of free entry, strategic interactions between producers imply a new dynamic feature, markup variability, promoting indeterminacy and endogenous cycles. Indeed, in contrast to the model without strategic interaction, endogenous fluctuations can occur when the substitution between the production factors, capital and labour, is not too weak, but in accordance with empirical estimates. [source] GROWTH AND WELFARE EFFECTS OF AN ENVIRONMENTAL TAX-BASED PUBLIC PENSION REFORM,THE JAPANESE ECONOMIC REVIEW, Issue 3 2007TETSUO ONO This paper presents an overlapping generations model in which: (i) firms create emissions as by-products of production; and (ii) tax revenue from the working young is transferred to the retired elderly as pay-as-you-go pension benefits. The paper focuses on a replacement ratio, which measures the proportion of after tax work earnings replaced by the public pension, and considers a replacement ratio neutral reform in which the newly introduced environmental tax is devoted to cutting the social security tax, keeping the replacement ratio unchanged. It is shown that the reform may improve growth, environmental quality and the nonenvironmental utility of every generation. [source] RECTANGULARIZATION AND THE RISE IN LIMIT-LONGEVITY IN A SIMPLE OVERLAPPING GENERATIONS MODEL*THE MANCHESTER SCHOOL, Issue 1 2009GREGORY PONTHIERE Whereas overlapping generations (OLG) models with endogenous longevity do not distinguish between the rectangularization phenomenon and the rise in limit-longevity, these constitute two different demographic phenomena requiring a distinct modelling. This paper presents a two-period OLG model where the probability of survival from the first to the second period, as well as the maximum length of life, are endogenously determined and influenced by public policies. The issues of existence, uniqueness and stability of a steady state are studied. It is shown that the transition towards the steady state exhibits, under mild conditions, the observed succession of phases of rectangularization and derectangularization of survival curves. [source] THE EFFECTS OF FISCAL SHOCKS ON CONSUMPTION: RECONCILING THEORY AND DATA,THE MANCHESTER SCHOOL, Issue 2 2007GIOVANNI GANELLI Recent research has stressed the inconsistency between empirical evidence and the theoretical prediction of both the standard real business cycle and the New Keynesian models regarding the impact of fiscal shocks on consumption. Some authors have attempted to bridge this gap by relying on assumptions about the effects of government spending on preferences and production, or on deviations from the intertemporal optimizing framework. In this paper we follow a different route. We show that introducing at the same time imperfect competition, sticky prices and deviations from Ricardian equivalence through an overlapping generations model helps to solve the inconsistency between theory and data. Our paper can also be seen in the light of the classic controversy between Keynesians and monetarists on the effectiveness of fiscal policy. From this angle, our model can be considered a reincarnation of the classic work of Blinder and Solow (Journal of Public Economics, Vol. 2 (1973), pp. 319,337). [source] EXPLAINING THE EQUITY RISK PREMIUM,THE MANCHESTER SCHOOL, Issue 6 2006LAURIAN LUNGU We develop a simple overlapping generations model in which the young have a choice in investing in equities or index-linked bonds. Projections of share price uncertainty over a 30-year period show that the risk associated with such long-term investments predicts an equity premium that matches historical values. Moreover, we calibrate the model and show that it can predict up to the fourth moment of both the observed risk premium and the real rate of interest. [source] Tradeable Emissions Permits, Emissions Taxes and GrowthTHE MANCHESTER SCHOOL, Issue 4 2004Bertrand Crettez This paper uses a dynamic general equilibrium model with overlapping generations in order to analyse and to compare emissions taxes and tradeable emissions permits. Even in the context of a perfect environment, i.e. with perfect information, perfect competition,, it is shown that privately owned emissions permits have some disadvantages. An equilibrium with emissions permits would certainly be better than a laissez-faire equilibrium since it would entail a lower pollution level. However, it is far from clear that an economy with pollution permits would be preferable over an economy with emissions taxes. While in both cases pollution would be lower, growth would be higher in an economy with emissions taxes. This is because emissions permits divert saving from ,productive' resources and have a negative impact on capital accumulation. This happens whatever the way emissions taxes are redistributed. [source] ENDOGENOUS BUSINESS CYCLES: THE INFLUENCE OF CHARACTER TRAITS,AUSTRALIAN ECONOMIC PAPERS, Issue 1 2009FUJIO TAKATA This article deals with how business cycles can occur, in light of character traits which influence individual behaviour in an economy. We assume an overlapping generations model in which every consumer has identical instantaneous utility which is additively separable with respect to time. The parameters of utility here include character traits which influence the choice between consumption and savings. In this situation, young individuals choose between current consumption and current savings which lead to future consumption in their old age. Individual character traits, which appear both in the shape of utility functions and in evaluations about utility in the future, affect these choices. And since these choices determine savings, individual character traits can eventually determine how our economy moves. Focusing on the relationship between individual character traits and savings formation, we demonstrate that endogenous business cycles with two periods can occur, in an economy comprised of individuals who opt for current consumption and who are careless in relation to future events, like Aesopian grasshoppers, and in other cases they do not. [source] Sexually transmitted diseases of insects: distribution, evolution, ecology and host behaviourBIOLOGICAL REVIEWS, Issue 3 2004Robert J. Knell ABSTRACT Sexually transmitted diseases (STDs) of insects are known from the mites, nematodes, fungi, protists and viruses. In total 73 species of parasite and pathogen from approximately 182 species of host have been reported. Whereas nearly all vertebrate STDs are viruses or bacteria, the majority of insect STDs are multicellular ectoparasites, protistans or fungi. Insect STDs display a range of transmission modes, with, pure'sexual transmission only described from ectoparasites, all of which are mites, fungi or nematodes, whereas the microparasitic endo-parasites tend to show vertical as well as sexual transmission. The distribution of STDs within taxa of insect hosts appears to be related to the life histories of the hosts. In particular, STDs will not be able to persist if host adult generations do not overlap unless they are also transmitted by some alternative route. This explains the observation that the Coleoptera seem to suffer from more STDs than other insect orders, since they tend to diapause as adults and are therefore more likely to have overlapping generations of adults in temperate regions. STDs of insects are often highly pathogenic, and are frequently responsible for sterilizing their hosts, a feature which is also found in mammalian STDs. This, combined with high prevalences indicates that STDs can be important in the evolution and ecology of their hosts. Although attempts to demonstrate mate choice for unin-fected partners have so far failed it is likely that STDs have other effects on host mating behaviour, and there is evidence from a few systems that they might manipulate their hosts to cause them to mate more frequently. STDs may also play a part in sexual conflict, with males in some systems possibly gaining a selective advantage from transmitting certain STDs to females. STDs may well be important factors in host population dynamics, and some have the potential to be useful biological control agents, but empirical studies on these subjects are lacking. [source] PUBLIC EDUCATION, FERTILITY INCENTIVES, NEOCLASSICAL ECONOMIC GROWTH AND WELFAREBULLETIN OF ECONOMIC RESEARCH, Issue 1 2010Luciano Fanti I28; J13; O41 ABSTRACT Using a simple overlapping generations model of neoclassical growth, we analyse the effects of both child allowances and the system of public education on the rate of fertility, the per capita income and the individual lifetime welfare. The essential message of the present paper is that developed countries plagued by below-replacement fertility and income stagnation may raise per capita income and the rate of fertility at the same time by increasing the public education expenditure rather than by resorting to child allowances. The latter, in fact, are found to be harmful for long-run neoclassical economic growth and, in contrast with the common belief, for the rate of population growth as well. Moreover, welfare analysis has shown the existence of a Pareto-efficient welfare-maximizing educational contribution rate. 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