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Education, Matching and the Allocative Value of Romance

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  • Booth, Alison L.

    ()
    (Australian National University)

  • Coles, Melvyn

    ()
    (University of Essex)

Abstract

Societies are characterized by customs governing the allocation of non-market goods such as marital partnerships. We explore how such customs affect the educational investment decisions of young singles and the subsequent joint labor supply decisions of partnered couples. We consider two separate matching paradigms for agents with heterogeneous abilities - one where partners marry for money and the other where partners marry for romantic reasons orthogonal to productivity or debt. These generate different investment incentives and therefore have a real impact on the market economy. While marrying for money generates greater investment efficiency, romantic matching generates greater allocative efficiency, since more high ability individuals participate in the labour market. The analysis offers the possibility of explaining cross-country differences in educational investments and labor force participation based on matching regimes.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1649.

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Length: 43 pages
Date of creation: Jul 2005
Date of revision:
Publication status: published in: Journal of the European Economic Association, 2010, 8(4), 744-775
Handle: RePEc:iza:izadps:dp1649

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Keywords: participation; marriage; education; matching; cohabitation;

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  1. Raquel Fernandez & Nezih Guner & John Knowles, 2001. "Love and Money: A Theoretical and Empirical Analysis of Household Sorting and Inequality," NBER Working Papers 8580, National Bureau of Economic Research, Inc.
  2. Fernandez, R. & Rogerson, R., 1999. "Sorting and Long-Run Inequality," Working Papers, C.V. Starr Center for Applied Economics, New York University 99-22, C.V. Starr Center for Applied Economics, New York University.
  3. Alp Atakan, 2005. "Assortative Matching with Explicit Search Costs," 2005 Meeting Papers, Society for Economic Dynamics 218, Society for Economic Dynamics.
  4. James Albrecht & Susan Vroman, 2002. "A Matching Model with Endogenous Skill Requirements," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(1), pages 283-305, February.
  5. Shimer, R. & Smith, L., 1997. "Assortative Matching and Search," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 97-2b, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. George J. Mailath & Andrew Postlewaite, 2006. "Social Assets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(4), pages 1057-1091, November.
    • 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.
  7. Coen N. Teulings & Pieter A. Gautier, 2004. "The Right Man for the Job," Review of Economic Studies, Oxford University Press, vol. 71(2), pages 553-580.
  8. Florence Jaumotte, 2003. "Female Labour Force Participation: Past Trends and Main Determinants in OECD Countries," OECD Economics Department Working Papers 376, OECD Publishing.
  9. Cole, Harold L & Mailath, George J & Postlewaite, Andrew, 1992. "Social Norms, Savings Behavior, and Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 100(6), pages 1092-1125, December.
  10. Burdett, Ken & Coles, Melvyn G, 1997. "Marriage and Class," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(1), pages 141-68, February.
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Cited by:
  1. Alison L. Booth & Melvyn B. Coles, 2008. "Tax Policy and Returns to Education," CEPR Discussion Papers, Centre for Economic Policy Research, Research School of Economics, Australian National University 591, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  2. Konrad, Kai A., 2013. "Affection, speed dating and heart breaking," Discussion Papers, Research Unit: Economics of Change SP II 2013-309, Social Science Research Center Berlin (WZB).
  3. Booth, Alison L & Coles, Melvyn G & Gong, Xiaodong, 2007. "Increasing Returns to Education: Theory and Evidence," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6266, C.E.P.R. Discussion Papers.
  4. Alison Booth & Melvyn Coles, 2007. "A Microfoundation For Increasing Returns In Human Capital Accumulation And The Under-Participation Trap," CAMA Working Papers 2007-07, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  5. 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).
  6. Ennio Bilancini & Leonardo Boncinelli, 2014. "Disclosure of information in matching markets with non-transferable utility," Center for Economic Research (RECent), University of Modena and Reggio E., Dept. of Economics 094, University of Modena and Reggio E., Dept. of Economics.

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