; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Efficient Investment in Children"; ; "batchuser@example.com"; "Aiyagari, S. Rao", "Greenwood, Jeremy, 1953-", "Seshadri, Ananth"; "Federal Reserve Bank of Minneapolis"; "D58 - Computable and Other Applied General Equilibrium Models", "D10 - Household Behavior: General", "D31 - Personal Income, Wealth, and Their Distributions", "I20 - Education and Research Institutions: General"; "Many would say that children are society’s most precious resource. So, how should it invest in them? To gain insight into this question, a dynamic general equilibrium model is developed where children differ by ability. Parents invest time and money in their offspring, depending on their altruism. This allows their children to grow up as more productive adults. First, the efficient allocation for the framework is characterized. Next, this is compared with the case of incomplete financial markets. Then, the situation where childcare markets are also lacking is examined. Additionally, the effects of impure altruism are analyzed. "^^; "1999-12-01"; "2019-05-21T16:21:40.278001942+00:00"^^; "https://doi.org/10.21034/dp.132"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Apr 22 16:45:44 2020"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "7", "716", "296"; "Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics)"; "132"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics"; "Published in: _Journal of Economic Theory_ (Vol. 102, No. 2, February 2002, pp. 290-321) https://doi.org/10.1006/jeth.2001.2852."^^; ; "Publication" . ; .