Efficiency with Endogenous Population Growth

Mikhail Golosov and Larry Jones

No 8, 2004 Meeting Papers from Society for Economic Dynamics

Abstract: In this paper, we generalize the notion of Pareto-efficiency to make it applicable to environments with endogenous populations. Two different efficiency concepts are proposed, P-efficiency and A-efficiency. The two concepts differ in how they treat people that 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 non-cooperative equilibria of family decision problems to be efficient. These include the Barro and Becker model as a special case

Keywords: Pareto efficiency; endogenous fertility; first welfare theorem (search for similar items in EconPapers)
JEL-codes: D13 D6 J1 (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-dge
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://www.econ.umn.edu/~lej/papers/optimality141.pdf main text (application/pdf)

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)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:red:sed004:8

Access Statistics for this paper

More papers in 2004 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
Bibliographic data for series maintained by Christian Zimmermann ().