AbstractWe present a model incorporating both social and economic components and analyze their interaction. The notion of a "social asset", an attribute that has value only because of the social institutions governing society, is introduced. In the basic model, agents match on the basis of income and unproductive attributes. An attribute has value in some equilibrium social institutions (matching patterns), but not in others. We then show that productive attributes (such as education) can have their value increased above their inherent productive value by some social institutions, leading to the notion of the "social value of an asset". Copyright 2006 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.
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Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 47 (2006)
Issue (Month): 4 (November)
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Other versions of this item:
- George J. Mailath & Andrew Postlewaite, 2002. "Social Assets," PIER Working Paper Archive 06-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 04 Jun 2004.
- George J. Mailath & Andrew Postlewaite, 2002. "Social Assets," PIER Working Paper Archive 04-025, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 04 Jun 2004.
- D20 - Microeconomics - - Production and Organizations - - - General
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
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