Efficiency with endogenous population growth

Mikhail Golosov, Larry Jones and Michele Tertilt

No 630, Working Papers from Federal Reserve Bank of Minneapolis

Abstract: In this paper, we generalize the notion of Pareto-efficiency to make it applicable to environments with endogenous populations. Two efficiency concepts are proposed, P-efficiency and A-efficiency. The two concepts differ in how they treat people who are not born. We show how these concepts relate to the notion of Pareto-efficiency when fertility is exogenous. We then prove versions of the first welfare theorem assuming that decision making is efficient within the dynasty. Finally, we give two sets of sufficient conditions for noncooperative equilibria of family decision problems to be efficient. These include the Barro and Becker model as a special case.

Keywords: Population (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-dev, nep-dge and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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Related works:
Journal Article: Efficiency with Endogenous Population Growth (2007)
Working Paper: Efficiency with Endogenous Population Growth (2006)
Working Paper: Efficiency with Endogenous Population Growth (2004)
Working Paper: Efficiency with Endogenous Population Growth (2004)
Working Paper: Effciency with Endogenous Population Growth (2003)
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