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JOURNAL OF POPULATION ECONOMICS. 1988; 1(3):183-94.Economists often over estimate capital dilution effects when applying neoclassical growth models which use age structured population and depreciation of capital stock. This occurs because capital stock is improperly characterized. A standard model which assumes a constant depreciation of capital intimates that a population growth rate equal to a negative constant savings ratio is preferable to any higher growth rate. Growth rates which are lower than a negative constant savings ratio suggest an ever growing capital/labor ratio and an ever growing standard of living, even if people do not save. This is suggested because the natural reduction of the capital stock through depreciation is slower than the population decrease which is simply unrealistic. This model overlooks the fact that low or negative growth rates result in an ageing of the capital stock, and this ageing subsequently results in an increase of the overall rate of capital depreciation. In that overly simplistic model, depreciation was assumed independent of the age of the captial stock. Incorporating depreciation as a variable into a model allows a more symmetric treatment of capital. Using models with heterogenous capital, this article explores what occurs when more than 1 kind of capital good is involved in production and when these various captial goods have different lengths of life. Applying economic models, it also examines what occurs when the length of life of capital may vary. These variations correct the negative impact that population growth can have on per capital production and consumption.
Chicago, Illinois, Economics Research Center, 1987. 37 p. (Discussion Paper Series No. 87-14.)Valuation formulas for age-specific mortality risks are derived from life-cycle allocation theory under uncertainty and related to empirical estimates of the value of life. A change in an age-specific mortality risk affects all subsequent survivor functions and reallocates consumption and labor supply over the entire life cycle. The value of eliminating a risk to life at a specific age is the expected present value of consumer surplus from that age forward. Approximate numerical extrapolations from cross-section estimates imply that values decrease rapidly in current age and in the distance between current age and age at risk. (author's)
[Unpublished] 1984. Paper presented at the Population Association of America Annual Meeting, Minneapolis, Minn., May 3-5, 1984. 42 p.Add to my documents.
[Unpublished] 1984. Paper presented at the Population Association of America Annual Meeting, Minneapolis, Minn., May 3-5, 1984. 59 p.Add to my documents.
Migrant behavior and the effects of regional prices: aspects of migrant selection in Colombia [tables]
[Unpublished] 1983. Presented at the 52nd Annual Meeting of the Population Association of America, Pittsburgh, Pennsylvania, April 14-16, 1983. 3 p.If the preferences of potential migrants differ for activities and the structure of prices of these activities differ across regions, price variation may help to explain both who migrates and to where, and systematic behavioral differences between migrants and nonmigrants in consumption and investment, particularly as reflected in family size, child schooling, and child health. Colombia and Brazil are considered in the empirical analysis because these diverse countries involve traditional and dynamic frontier rural areas as well as urban centers where relative prices discourage high fertility and encourage schooling and health investments. (author's)