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Pensions, fertility, and education

Volker Meier () and Matthias Wrede ()

Journal of Pension Economics and Finance, 2010, vol. 9, issue 1, 75-93

Abstract: A pay-as-you-go pension scheme is associated with positive externalities of having children and providing them with human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and education, we discuss internalization policies associated with child benefits in the pension formula. The second-best scheme displays both a benefit contingent on the contributions of children and a purely fertility-related component.

Date: 2010
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