Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18985
Authors: 
Meier, Volker
Wrede, Matthias
Year of Publication: 
2005
Series/Report no.: 
CESifo Working Paper 1521
Abstract: 
A pay-as-you-go pension scheme is associated with positive externalities of having children and providing them with human capital. In a framework with heterogeneity in productivity, and stochastic and endogenous investment in fertility and education, we discuss internalization policies associated with child benefits in the pension formula. The second-best scheme displays both a benefit contingent on the contributions of children and a purely fertility-related component.
Subjects: 
pay-as-you-go
fertility
human capital
externalities
JEL: 
H55
J13
J18
H23
Document Type: 
Working Paper

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