Spousal age gap and fertility preferences within a family

This paper studies the gender-specific fertility preferences within a family when i) children are investment goods and ii) there exists a sizable spousal age gap. Old husbands tend to demand less children because relatively young wives are substitutes of children for old-age support. On the other hand, young wives, expecting a significant period of widowhood, tend to demand more children. This gender conflict of interest is intensified when only working husbands may receive pensions.