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Beyond Optimality : Managing Children, Assets, and Consumption over the Life Cycle

Saint-Pierre, Patrick; Bonneuil, Noël (2008), Beyond Optimality : Managing Children, Assets, and Consumption over the Life Cycle, Journal of Mathematical Economics, 44, 3-4, p. 227-241. http://dx.doi.org/10.1016/j.jmateco.2007.04.007

Type
Article accepté pour publication ou publié
Date
2008-02
Journal name
Journal of Mathematical Economics
Volume
44
Number
3-4
Publisher
Elsevier
Pages
227-241
Publication identifier
http://dx.doi.org/10.1016/j.jmateco.2007.04.007
Metadata
Show full item record
Author(s)
Saint-Pierre, Patrick

Bonneuil, Noël
Laboratoire d'Economie de Dauphine [LEDa]
Abstract (EN)
To raise children, to guarantee a certain way of life, and to retire with a certain amount of capital can be accomplished in many different ways, particularly when couples are faced with the possibility of unemployment or poor returns to savings while trying to balance current and future consumption both personally and for their children. Not any trajectory is successful, but those which are successful are myriad. Agents’ heterogeneity is modelled both by the whole state space where each state corresponds to a different situation, and by the set of attainable states, which reflects uncertainty inherent both in decision-making and in external shocks. The delineation of all manageable states of consumption, reproduction, and saving identifies the timing of when to have children, and when and how much to consume and save. Discontinuities of consumption when a child is born are fully taken into account through continuous-discrete differential inclusions. The theory is illustrated with an empirical example; international comparison shows that lower fertility is associated with smaller sets of timely decisions.
Subjects / Keywords
Life cycle; Family; Viability theory; Heterogeneity; Hybrid systems
JEL
C02 - Mathematical Methods
C61 - Optimization Techniques; Programming Models; Dynamic Analysis
D91 - Intertemporal Household Choice; Life Cycle Models and Saving
J13 - Fertility; Family Planning; Child Care; Children; Youth
J22 - Time Allocation and Labor Supply

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