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The old-age security hypothesis revisited.

J Zhang, K Nishimura

    Journal of Development Economics
    |June 1, 1993
    PubMed
    Summary
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    Parents raise children for financial support in retirement, viewing offspring as a capital good. This economic model explores intergenerational altruism, fertility, and public pension programs.

    Area of Science:

    • Economics
    • Demography
    • Sociology

    Background:

    • Intergenerational transfers are crucial for economic and social structures.
    • Parental investment in children can be viewed through an economic lens.
    • Understanding fertility decisions is key to demographic and economic analysis.

    Purpose of the Study:

    • To model altruism between parents and children in a dynamic economic framework.
    • To analyze the role of children as a form of capital for retired parents.
    • To examine the implications for fertility and the optimality of public pension systems.

    Main Methods:

    • Utilized a two-overlapping-generations model with endogenous fertility.
    • Analyzed Nash equilibrium to represent individual intergenerational behavior.
    Keywords:
    BehaviorChild WorthCost Benefit AnalysisDecision MakingDemographic FactorsEconomic FactorsEconomic ModelEvaluationFamily And HouseholdFamily CharacteristicsFertilityIntergenerational TransfersMicroeconomic FactorsModels, TheoreticalOld Age SecurityPopulationPopulation DynamicsQuantitative EvaluationResearch MethodologyUtility TheoryWorld

    Related Experiment Videos

  • Compared individual behavior with a social planner's optimal allocation.

    • Main Results:

    • Children's altruism is modeled as a motive for child-rearing, driven by expected future gifts.
    • The pay-as-you-go public pension system can be interpreted as an optimal transfer mechanism.
    • The introduction of capital markets affects fertility decisions.

    Conclusions:

    • The old-age security hypothesis, suggesting children are primarily for old-age support, is condition-dependent.
    • Economic parameters of utility and cost functions influence the validity of the old-age security hypothesis.
    • The model provides insights into the economic rationale behind fertility and intergenerational support.