Family Expansion and Capital Accumulation of a Dynasty

摘要: We consider a unified framework that combines two strands of previous literature on overlapping generations growth models endogenous fertility and savings: one strand incorporating two-period lived agents with life-cycle utility functions the other period dynastic functions. In this framework, we study long-run effects unfunded social security savings. provide complete characterization optimal path in terms felicity index degree altruism towards all future offsprings, exhibiting either monotonicity standard model, fluctuations Easterlin (1987) hypothesis or convergence finite period.