Kier Discussion Paper Series
نویسنده
چکیده
This study considers uncertainty about the number of surviving children. Under prohibition of child labor, a higher survival probability of a child can increase opportunities for education investment as the fertility rate declines with a temporary increase in the number of surviving children. However, per capita GDP may decrease until the start of education investment. When people accumulate their human capital, the effect of an increase in the survival probability would be ambiguous. By applying panel estimation, we examine economic development with the effect of child mortality on the fertility rate and number of surviving children.
منابع مشابه
KIER DISCUSSION PAPER SERIES Pricing Fixed-Income Securities in an Information-Based Framework
متن کامل
Kier Discussion Paper Series
Literature from several phases of the career of Masahisa Fujita is surveyed chronologically, with a view toward future contributions in these areas. First we address the economic structure of the interior of a city with mobile consumers, adding production. Next we provide a critical discussion of the New Economic Geography, in particular distinguishing between recent approaches employing two re...
متن کاملKIER DISCUSSION PAPER SERIES Heterogeneous Impatience in a Continuous-Time Model
In a continuous-time economy with complete markets, we study how the heterogeneity in the individual consumers’ risk tolerance and impatience affects the representative consumer’s risk tolerance and impatience. We derive some formulas, which indicate that the representative consumer’s impatience decrease over time, and whether his risk tolerance increases or decreases over time depends on the s...
متن کاملKIER DISCUSSION PAPER SERIES Sunspot Equilibria in a Production Economy: Do Rational Animal Spirits Cause Overproduction?
We study a standard two period economy with one nominal bond and one rm. The input of the rm is done in the rst period and nanced with the nominal bond, and its pro ts are distributed to the shareholders in the second period. We show that a sunspot equilibrium exists around each e¢ cient equilibrium. The interest rate is lower than optimal and there is over production in sunspot equilibria,...
متن کامل