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A Search Model of Marriage and Divorce

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  • Tracy J. Cornelius

    (University of Wales, Swansea)

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    Abstract

    This paper analyses long term partnership formation in a marriage market in which individuals continue to search for partners while matched. Individuals prefer relationships which offer more instantaneous utility but they also prefer more stable relationships. A relationship is more stable for one partner if there is less chance that the other partner will leave. An individual is more inclined to leave a relationship which offers less instantaneous utility and less stability. Since both partners are making these evaluations, the stability of the relationship for one companion depends on the stability of the relationship for the other and as such, separation rates are endogenous. It is shown that these feedback effects in search strategies generate a new type of multiple equilibria in which particular matches can be either stable or unstable depending on individuals beliefs. (Copyright: Elsevier)

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    File URL: http://dx.doi.org/10.1016/S1094-2025(02)00012-1
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    Bibliographic Info

    Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

    Volume (Year): 6 (2003)
    Issue (Month): 1 (January)
    Pages: 135-155

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    Handle: RePEc:red:issued:v:6:y:2003:i:1:p:135-155

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    References

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    1. Lones Smith, 2006. "The Marriage Model with Search Frictions," Journal of Political Economy, University of Chicago Press, vol. 114(6), pages 1124-1146, December.
    2. Jovanovic, Boyan, 1979. "Job Matching and the Theory of Turnover," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 972-90, October.
    3. Burdett, Kenneth & Coles, Melvyn G, 1999. "Long-Term Partnership Formation: Marriage and Employment," Economic Journal, Royal Economic Society, vol. 109(456), pages F307-34, June.
    4. Burdett Kenneth & Imai Ryoichi & Wright Randall, 2004. "Unstable Relationships," The B.E. Journal of Macroeconomics, De Gruyter, vol. 1(1), pages 1-44, January.
    5. Shimer, R. & Smith, L., 1997. "Assortative Matching and Search," Working papers 97-2a, Massachusetts Institute of Technology (MIT), Department of Economics.
    6. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
    7. Eeckhout, Jan, 1999. "Bilateral Search and Vertical Heterogeneity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 869-87, November.
    8. Wright, Randall, 1986. "Job Search and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 94(1), pages 38-55, February.
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    Cited by:
    1. Giolito, Eugenio P., 2004. "A Search Model of Marriage with Differential Fecundity," IZA Discussion Papers 1082, Institute for the Study of Labor (IZA).
    2. Eugenio P. Giolito, 2010. "On Population Structure and Marriage Dynamics," 2010 Meeting Papers 1178, Society for Economic Dynamics.
    3. Pieter A. Gautier & Michael Svarer & Coen N. Teulings, 2007. "Sin City?," CAM Working Papers 2007-01, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
    4. Gil S. Epstein & Renana Lindner Pomerantz, 2013. "Assimilation through Marriage," Review of International Economics, Wiley Blackwell, vol. 21(2), pages 191-203, 05.
    5. Nobuhiro Kiyotaki & Ricardo Lagos, 2006. "A model of job and worker flows," Staff Report 358, Federal Reserve Bank of Minneapolis.
    6. Coles, Melvyn & Francesconi, Marco, 2007. "On the Emergence of Toyboys: Equilibrium Matching with Ageing and Uncertain Careers," IZA Discussion Papers 2612, Institute for the Study of Labor (IZA).
    7. Ueda, Kenichi, 2013. "Banks as coordinators of economic growth and stability: Microfoundation for macroeconomy with externality," Journal of Economic Theory, Elsevier, vol. 148(1), pages 322-352.
    8. Mario Vozar, 2010. "The Effect of Time in a Multi-Dimensional Marriage Market Model," CERGE-EI Working Papers wp417, The Center for Economic Research and Graduate Education - Economic Institute, Prague.

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