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Public pensions with endogenous fertility Comment on Nishimura and Zhang》.pdf
JOURNALOF
PUBLIC
ECONOMICS
ELSEVIER Journal of Public Economics 57 (1995) 169-173
Public pensions with endogenous fertility: Comment
on Nishimura and Zhang
Alessandro Cigno
Faculty of Political Sciences, University of Pisa, Via 56126 Serafini 3, Pisa, Italy
Received November 1992, final version received October 1993
Abstract
The analysis in Nishimura and Zhang (Journal of Public Economics, 1992, 48,
239-258) (N-Z) relies on an unstated assumption that, either individuals are
able to coordinate their fertility decisions, or individual pensions are condi-
tional on individual fertility. The present note criticizes this assumption, and
shows what happens if it is dropped. Introducing a social security system with a
rate of tax equal to the socially optimal transfer from the young to the old will
have no effect on fertility, but will raise lifetime consumption and welfare (rather
than reduce fertility and raise transfers as N - Z predict). The implications of
reversing the direction of altruism (from parents to children, rather than
children to parents as in N-Z), or doing away with altruism altogether, are also
discussed.
Key words: Pensions; Endogenous fertility
JEL classification: 040; 840; 910
I. Introduction
Nishimura and Z h a n g (1992) extend the model of public pensions in Veall
(1986) to allow for endogenous fertility. Their analysis rests on two crucial
assu
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