Helmuth Cremer, Firouz Gahvari, and Pierre Pestieau, Fertility, Human Capital Accumulation, and the Pension System, Journal of Public Economics, vol. 95, 2011, pp. 1272–1279.


Pay-as-you-go social security; Endogenous fertility; Education; Endogenous ratio of high to low-ability types; Three externality sources; Education subsidies; Child subsidies;

JEL codes

  • H2: Taxation, Subsidies, and Revenue
  • H5: National Government Expenditures and Related Policies