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Becker meets Ricardo: A social and cognitive skills model of human capabilities

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  • Xianwen Shi

    (University of Toronto)

  • Ronald Wolthoff

    (University of Toronto)

  • Aloysius Siow

    (University of Toronto)

  • Robert McCann

    (University of Toronto)

Abstract

This paper studies an equilibrium model of social and cognitive skills interactions in school, work and marriage. The model uses a common team production function in each sector which integrates the complementarity concerns of Becker with the task assigment and comparative advantage concerns of Ricardo. The theory delivers full task specialization in the labor and education markets, incomplete task specialization in marriage. It rationalizes many to one matching, a common feature in labor markets. There is also occupational choice, matching by different skills in different sectors. Equilibrium is equivalent to the solution of an utilitarian social planner solving a linear programming problem.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2012 Meeting Papers with number 32.

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Date of creation: 2012
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Handle: RePEc:red:sed012:32

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  1. Eugene Choo & Aloysius Siow, 2006. "Who Marries Whom and Why," Journal of Political Economy, University of Chicago Press, vol. 114(1), pages 175-201, February.
  2. Shimer, R. & Smith, L., 1998. "Assortive Matching and Search," Papers 98-09, Michigan - Center for Research on Economic & Social Theory.
  3. Roth, Alvin, 2008. "What Have We Learned from Market Design?," Scholarly Articles 2579650, Harvard University Department of Economics.
  4. Legros, Patrick & Newman, Andrew, 2000. "Monotone Matching In Perfect And Imperfect Worlds," CEPR Discussion Papers 2396, C.E.P.R. Discussion Papers.
  5. Pierre-Andre Chiappori & Sonia Oreffice & Climent Quintana-Domeque, 2011. "Matching with a Handicap: The Case of Smoking in the Marriage Market," Discussion Papers 1011-07, Columbia University, Department of Economics.
  6. Michael Peters & Aloysius Siow, 2002. "Competing Premarital Investments," Journal of Political Economy, University of Chicago Press, vol. 110(3), pages 592-608, June.
  7. Pierre-André Chiappori & Robert McCann & Lars Nesheim, 2010. "Hedonic price equilibria, stable matching, and optimal transport: equivalence, topology, and uniqueness," Economic Theory, Springer, vol. 42(2), pages 317-354, February.
  8. Smeets, Valerie & Warzynski, Frederic, 2008. "Too many theories, too few facts? What the data tell us about the link between span of control, compensation and career dynamics," Labour Economics, Elsevier, vol. 15(4), pages 687-703, August.
  9. Mathilde Almlund & Angela Lee Duckworth & James J. Heckman & Tim D. Kautz, 2011. "Personality Psychology and Economics," NBER Working Papers 16822, National Bureau of Economic Research, Inc.
  10. Burda, Michael C. & Hamermesh, Daniel S. & Weil, Philippe, 2007. "Total Work, Gender and Social Norms," IZA Discussion Papers 2705, Institute for the Study of Labor (IZA).
  11. Loren Brandt & Aloysius Siow & Carl Vogel, 2008. "Large Shocks and Small Changes in the Marriage Market for Famine Born Cohorts in China," Working Papers tecipa-334, University of Toronto, Department of Economics.
  12. Gibbons, Robert & Waldman, Michael, 1999. "Careers in organizations: Theory and evidence," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 36, pages 2373-2437 Elsevier.
  13. Jean-Marc Robin & Costas Meghir & Jeremy Lise, 2008. "Matching, Sorting and Wages," 2008 Meeting Papers 273, Society for Economic Dynamics.
  14. Murat Iyigun & Randall P. Walsh, 2007. "Building the Family Nest: Premarital Investments, Marriage Markets, and Spousal Allocations," Review of Economic Studies, Wiley Blackwell, vol. 74(2), pages 507-535, 04.
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