Higher PAYG pension rates raise fertility but reduce per-child investments in education, physical health, and mental health, while greater mental-health elasticity shifts resources toward non-cognitive skills at the expense of family size.
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Mental Health and Human Capital Composition in a Dynastic OLG Model with PAYG Pensions
Higher PAYG pension rates raise fertility but reduce per-child investments in education, physical health, and mental health, while greater mental-health elasticity shifts resources toward non-cognitive skills at the expense of family size.