BEAUTY PREMIUM AND MARRIAGE PREMIUM IN SEARCH EQUILIBRIUM: THEORY AND EMPIRICAL TEST

• 成果类型: Article
• 署名作者: Bonilla, Roberto; Kiraly, Francis; Wildman, John
• 署名单位: Newcastle University - UK
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12370
• 发表日期: 2019
• 页码: 851-877
• 关键词: wage premium; height; PRODUCTIVITY; earnings; stature; obesity; men

摘要

We propose a theoretical explanation for the so-called beauty premium. Our approach relies entirely on search frictions and the fact that physical appearance plays an important role in attracting a marriage partner. We analyze the interaction between frictional labor and marriage markets, making use of what we label constrained job search. The optimal strategy entails different reservation wages for different men, and we establish the existence of a search equilibrium characterized by a beauty premium and/or marriage premium. Predicted profiles of premia allow for potential falsification tests and point to relevant empirical evidence in support of our theory.