| Variable | Definition | Value |
| pd | Period of time (years) | 30 |
| p | Survival rate | 0.6 |
| a | Income replacement ratio | 0.4 |
| δ | Fraction of time raising a child | 0.15 |
| β | Elasticity of human capital accumulation with respect to education investment | 0.2 |
| α | Share of capital income to total income | 0.3 |
| σ1 | Taste toward retirement consumption | 1 |
| σ3 | Taste toward leisure when old | 0.36 |
| k | Physical capital per effective labor | 1 |
| σ2 | Taste toward children | 0.36 |
| A | Total productivity | 13.27 |
| B | Productivity of learning process | 2.35 |