We 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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Article 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) Pages: 1057-1091 Download reference. The following formats are available: HTML
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Paper
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.
[Downloadable!]
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.
[Downloadable!]
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