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A Contribution to the Economic Theory of Fertility

Marla Ripoll () and Juan Cordoba ()

No 1207, 2011 Meeting Papers from Society for Economic Dynamics

Abstract: We show that a non-separable formulation of preferences that allow for a low EIS but a high Elasticity of Intergenerational Substitution (EGS) can simultaneously account for the evidence of declining demand for children and increasing demand for longevity as income increases. The model with a single elasticity cannot account for both. Our results suggests a major role for a new parameter in macro, the EGS. While the EIS mostly influence short term economic decisions, the EGS influence mostly long term economic decisions.

Date: 2011
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