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The Marriage Market, Labor Supply, and Education Choice

Author

Listed:
  • Pierre-André Chiappori
  • Monica Costa Dias
  • Costas Meghir

Abstract

We develop an equilibrium life cycle model of education, marriage, labor supply, and consumption in a transferable utility context. Individuals start by choosing their investments in education anticipating returns in the marriage market and the labor market. They then match on the basis of the economic value of marriage and preferences. Equilibrium in the marriage market determines intrahousehold allocation of resources. Following marriage households (married or single) save, supply labor, and consume private and public commodities under uncertainty. Marriage thus has the dual role of providing public goods and offering risk sharing. The model is estimated using the British Household Panel Survey.

Suggested Citation

  • Pierre-André Chiappori & Monica Costa Dias & Costas Meghir, 2018. "The Marriage Market, Labor Supply, and Education Choice," Journal of Political Economy, University of Chicago Press, vol. 126(S1), pages 26-72.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/698748
    DOI: 10.1086/698748
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    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • I00 - Health, Education, and Welfare - - General - - - General
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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