The Marriage Market, Labor Supply, and Education Choice

• 成果类型: Article
• 署名作者: Chiappori, Pierre-Andre; Dias, Monica Costa; Meghir, Costas
• 署名单位: Columbia University; University of London; London School Economics & Political Science; Universidade do Porto; Yale University; National Bureau of Economic Research; IZA Institute Labor Economics
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/698748
• 发表日期: 2018
• 页码: S26-S72
• 关键词: intertemporal behavior; life-cycle; INVESTMENT; RISK; CHILDREN; welfare; search; models

摘要

We develop an equilibrium life cycle model of education, marriage, labor supply, and consumption in a transferable utility context. Individuals start by choosing their investments in education anticipating returns in the marriage market and the labor market. They then match on the basis of the economic value of marriage and preferences. Equilibrium in the marriage market determines intrahousehold allocation of resources. Following marriage households (married or single) save, supply labor, and consume private and public commodities under uncertainty. Marriage thus has the dual role of providing public goods and offering risk sharing. The model is estimated using the British Household Panel Survey.