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Optimal Family Policy in the Presence of Moral Hazard, When the Quantity and Quality of Children Are Stochastic

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Author Info
Cigno, Alessandro () (University of Florence)
Luporini, Annalisa () (University of Florence)

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Abstract

We examine the second-best family policy under the assumption that both the number and the future earning capacities of the children born to a couple are random variables with probability distributions conditional on unobservable parental actions. Potential parents take their decisions without taking into account the effects of these actions on the government's future tax revenue. The second-best policy provides parents with credit and insurance, and allows them to appropriate the external benefits of their actions.

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Publisher Info
Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4179.

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Length: 18 pages
Date of creation: May 2009
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Handle: RePEc:iza:izadps:dp4179

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Related research
Keywords: stochastic quantity and quality of children; moral hazard; population externalities; family allowances; scholarships; pensions;

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Find related papers by JEL classification:
D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy-Making and Implementation
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth

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  1. Sinn, Hans-Werner, 2004. "The pay-as-you-go pension system as fertility insurance and an enforcement device," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1335-1357, July. [Downloadable!] (restricted)
  2. Sinn, Hans-Werner, 2004. "The pay-as-you-go pension system as fertility insurance and an enforcement device," Discussion Papers in Economics 938, University of Munich, Department of Economics. [Downloadable!]
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