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Divorce And The Option Value Of Marital Search

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Author Info
Valerio Filoso

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Abstract

This work tests whether the introduction of divorce law changes the timing of marital search. Rational agents should adjust to the divorce risk by increasing the average search spell, whereas option value theory stresses the role of irreversible investments: in this case, the new exit option should result in shorter spells. Using a dynamic model of marital search, a new data set of retrospective individual Italian data, and two robust statistical specifications, we find strong evidence that the legal innovation actually lowered the age at marriage, thereby worsening the level of marital matching, and possibly reinforcing self-fulfilling prophecies of divorce. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd.

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Publisher Info
Article provided by Blackwell Publishing in its journal Metroeconomica.

Volume (Year): 60 (2009)
Issue (Month): 1 (02)
Pages: 119-149
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Handle: RePEc:bla:metroe:v:60:y:2009:i:1:p:119-149

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Weiss, Yoram, 1993. "The formation and dissolution of families: Why marry? Who marries whom? And what happens upon divorce," Handbook of Population and Family Economics, in: M. R. Rosenzweig & Stark, O. (ed.), Handbook of Population and Family Economics, edition 1, volume 1, chapter 3, pages 81-123 Elsevier. [Downloadable!] (restricted)
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  2. Weiss, Yoram & Willis, Robert J, 1997. "Match Quality, New Information, and Marital Dissolution," Journal of Labor Economics, University of Chicago Press, vol. 15(1), pages S293-329, January. [Downloadable!] (restricted)
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This page was last updated on 2009-11-22.

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