<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722018000100167</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v37n73.58537</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[EARLY CHILDBEARING AND THE OPTION TO POSTPONE]]></article-title>
<article-title xml:lang="es"><![CDATA[LA PROCREACIÓN PRECOZ Y LA OPCIÓN DE POSPONER]]></article-title>
<article-title xml:lang="fr"><![CDATA[La grossesse precoce et la possibilite de differer]]></article-title>
<article-title xml:lang="pt"><![CDATA[A procriação precoz e a opção de adiar]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zuluaga]]></surname>
<given-names><![CDATA[Blanca]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Icesi  ]]></institution>
<addr-line><![CDATA[Cali ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>37</volume>
<numero>73</numero>
<fpage>167</fpage>
<lpage>198</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722018000100167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722018000100167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722018000100167&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper uses the option value theory to analyse whether there is any value in postponing childbearing for young women. The main insights are based on the idea that the costs of bearing tend to decrease in time and are subject to uncertainty. The analysis involves women with different socioeconomic characteristics. Our findings suggest that, as long as the possibilities of poorer women to reach high schooling increase, they will optimally postpone childbearing. In other words, early childbearing by impoverished women might be a rational reaction to their disadvantaged situation, where opportunities to reach high achievements are low, with or without a child. JEL: D1, I13, I24, I30, J13.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo emplea la teoría del valor para analizar si hay un valor para una mujer joven de posponer la maternidad. Los principales argumentos están basados en la idea de que el costo de tener un hijo decrece con el tiempo y que está sujeto a incertidumbre. Hacemos el análisis para mujeres con distintas características socioeconómicas. Los resultados sugieren que mientras las posibilidades para las mujeres pobres de alcanzar altos niveles de escolaridad sean altas, ellas elegirán posponer la maternidad. En otras palabras, la maternidad temprana para las mujeres pobres podrá verse como una reacción óptima a su situación desaventajada, donde las oportunidades de alcanzar altos logros son bajas, con o sin un hijo. JEL: D1, I13, I24, I30, J13.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé Cet article recourt à la théorie de la valeur pour analyser s&#8217;il existe une valeur pour qu&#8217;une jeune femme diffère la maternité. Les principaux arguments reposent sur l&#8217;idée que le coût pour avoir un enfant diminue avec le temps et que celle-ci reste sujet à l&#8217;incertitude. Nous faisons l&#8217;analyse pour des femmes de diverses caractéristiques socioéconomiques. Les résultats suggèrent que lorsque les possibilités pour les femmes pauvres d&#8217;atteindre de hauts niveaux de scolarité sont élevées, elles choisiront de différer la maternité. Autrement dit, la grossesse précoce pour les femmes pauvres peut être considérée comme une réaction optimale à leur situation défavorisée, dans laquelle les possibilités d&#8217;atteindre des objectifs élevés restent faibles, avec ou sans enfant. JEL: D1, I13, I24, I30, J13.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo emprega a teoria do valor para analisar se há um valor para uma mulher jovem ao adiar a maternidade. Os principais argumentos e baseiam na ideia de que o custo de ter um filho decresce com o tempo e que está sujeito à incerteza. Fazemos a análise em mulheres com distintas características socioeconómicas. Os resultados sugerem que enquanto as possibilidades para as mulheres pobres de alcançar altos níveis de escolaridade sejam altas, elas elegerão adiar a maternidade. Isto é, a maternidade temporãmente para as mulheres pobres poderá ver-se como uma reação ótima à sua situação desvantajosa, onde as oportunidades de alcançar altos patamares de sucesso são baixas, com ou sem um filho. JEL: D1, I13, I24, I30, J13.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Childbearing]]></kwd>
<kwd lng="en"><![CDATA[education]]></kwd>
<kwd lng="en"><![CDATA[option value]]></kwd>
<kwd lng="en"><![CDATA[fertility decisions]]></kwd>
<kwd lng="en"><![CDATA[Colombia.]]></kwd>
<kwd lng="es"><![CDATA[maternidad]]></kwd>
<kwd lng="es"><![CDATA[educación]]></kwd>
<kwd lng="es"><![CDATA[valor de opción]]></kwd>
<kwd lng="es"><![CDATA[decisiones sobre la fertilidad]]></kwd>
<kwd lng="es"><![CDATA[Colombia.]]></kwd>
<kwd lng="fr"><![CDATA[maternité]]></kwd>
<kwd lng="fr"><![CDATA[grossesse]]></kwd>
<kwd lng="fr"><![CDATA[éducation]]></kwd>
<kwd lng="fr"><![CDATA[valeur d&#8217;option]]></kwd>
<kwd lng="fr"><![CDATA[décisions sur la fertilité]]></kwd>
<kwd lng="fr"><![CDATA[Colombie.]]></kwd>
<kwd lng="pt"><![CDATA[maternidade]]></kwd>
<kwd lng="pt"><![CDATA[educação]]></kwd>
<kwd lng="pt"><![CDATA[valor de opção]]></kwd>
<kwd lng="pt"><![CDATA[decisões sobre a fertilidade]]></kwd>
<kwd lng="pt"><![CDATA[Colômbia.]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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