An Existence Theorem on the Stationary State of Income Distribution and Population Growth
通过个体效用最大化模型，证明在弱假设下经济会收敛到人口增长率和收入分配均不变的稳态，将微观生育模型扩展为宏观动态模型。
Through a utility-maximizing process individuals derive their optimal fertility and bequest decisions both as functions of their initial socioeconomic backgrounds. The combination of these two decisions form a multi-type Galton-Watson process. Under weak assumptions it is proved that the economy will converge to a unique stationary state which implies both a constant population growth rate and a time-invariant income distribution. As such this paper extends the Becker-Willis static micro-level fertility demand model to a dynamic macro-level population growth model. Alternatively our model can be viewed as a generalization of Laitners stochastic income theory where no differential fertility is allowed. (EXCERPT)