Efficiency with Endogenous Population Growth

Mikhail Golosov, Larry Jones and Michele Tertilt

No 10231, NBER Working Papers from National Bureau of Economic Research, Inc

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 non-cooperative equilibria of family decision problems to be efficient. These include the Barro and Becker model as a special case.

JEL-codes: D1 D6 (search for similar items in EconPapers)
Date: 2004-01
New Economics Papers: this item is included in nep-dev and nep-dge
Note: EFG
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Citations: View citations in EconPapers (18)

Published as Mikhail Golosov & Larry E. Jones & Michèle Tertilt, 2007. "Efficiency with Endogenous Population Growth," Econometrica, Econometric Society, vol. 75(4), pages 1039-1071, 07.

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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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