There have been numerous studies in Korea and other countries of which the major hypotheses are identifying and describing the conditions under which the value of children has been formed. The present study proposes to view the formation of the value of children as a correlate of family's consumption-saving and work-leisure behavior pattern.
The objectives of the proposed study are to identify the socio economic-demographic factors determining the family's consumption-saving and work-leisure behavior pattern and to analyse the relationship between the value of children and this behavior pattern. The framework of the analysis is to be based on the theory of new consumer behavior propounded by Kevin Lancaster and the economic theory of fertility formulated by Gary Backer. The conceptual framework of the analysis is that individual family's socio economic and demographic factors influence and shape the consumption-saving and work-leisure behaviors and these behaviors in turn influence and reflect the correlates and proximate determinants of the family's fertility and this fertility influence the behavior patterns reversely.
In this paper, regression model is mainly used to analyse the hypothesized interactions among the various variables. The regression method used is first and second stage multiple regression. And two stage least square method and MANOVA will be used to show the interactions.
Before this research is accomplished, this study shows the socio-economic and demographic factors affecting the fertility in Korea as the pre-test. As a result, female labor participation rates, the married women's education level and the education of children are mainly formulating the value of children.
The major findings from this study are as follows.
As the living standards improves, individual family's consumption in necessities and working hours decline, while savings and leisure activities are increasing. The phenomena result in fertility reduction as can be seen in the more developed countries though not significant in consumption activities in Korea because of the other factors outside the economies. Also the Child-bearing and rearing activities are the important component to determine the consumption-saving and work-leisure activities.
As results of this study, we can say that the married women's labor participation increase and the establishment of the pension system is the useful method of reducing the present population problem and developing the Korean economy. Also the education and the health increase are considered the capital investment as the input component.
