Discrete choices in a continuous time model: life-cycle time allocation and fertility decisions.

"This paper proposes and tests a dynamic model that [analyzes] time allocation decisions and fertility choices. The latter consist of timing of children and completed family size. [The author emphasizes] the need to integrate both types of choices in order to arrive at a meaningful empirical analysis and shows that, with exceptions, research on female labor supply has largely ignored the progress made in studies on fertility.... The estimation results, obtained by the maximum likelihood method from the [U.S.] Panel Study of Income Dynamics,...indicate support for the model as well as the need for further research." excerpt