Old-age support policy and fertility with strategic bequest motives
Bibliographic Data
| ID | 12194568 |
|---|---|
| Authors | Akira Yakita (0000-0002-8966-9602, Nagoya City University, corresponding author) |
| Year | 2024 |
| Volume | 37 |
| Issue | 2 |
| Publication date | 2024-04-20 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Population Economics (JOURNAL) |
| Journal identifiers | ISSN: 0933-1433 • E-ISSN: 1432-1475 |
| Publisher | Springer Science+Business Media (PUBLISHER • DE) |
| DOI | 10.1007/s00148-024-01024-9 |
| OpenAlex | W4394976774 |
| Language | EN |
| References cited | 41 |
This paper presents an analysis of the effects of public old-age support on individuals’ fertility decisions and on the long-term equilibrium in an overlapping generation economy with strategic bequest motives. Parents must pay their adult children at least the reservation wage to receive informal old-age support from them (individual rationality constraint). Formal old-age support is financed through wage taxes on children. The increased present value of formal old-age support tends to increase old-age utility, thereby decreasing the family support demand and decreasing savings for the old age. The increased wage tax reduces the opportunity cost of child-rearing time, thereby increasing the fertility rate. The effects of increased formal old-age support on per-worker capital and labor are indeterminate, as is the effect on the long-term lifetime utility of individuals. A strategic bequest motive might engender a higher fertility rate than that of the social optimum
Bequest · Demographic economics · Economics · Fertility · Market economy · Political science · Population · Social policy · Sociology · Demography · Gender, Labor, and Family Dynamics · Global Health Care Issues · Intergenerational Family Dynamics and Caregiving
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The Strategic Bequest Motive
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| Highly cited | No |
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