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.
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Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number
04-025.
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, vol. 47(4), pages 1057-1091, November.
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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.
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Find related papers by JEL classification: 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 - - - Social Norms and Social Capital; Social Networks Economic Anthropology
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