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Is Marriage as Good as a Contract?

  • Alessandro Cigno

Neither marriage nor a legally enforceable contract serves any useful purpose if the parties have access to a perfect credit market. In the presence of credit rationing, efficiency and utility equalization are guaranteed only by a legally enforceable contract. Separate-property marriage may reduce and community-property marriage actually eliminate inefficiency, but neither of them guarantees utility equalization.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2013/wp-cesifo-2013-12/cesifo1_wp4555.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 4555.

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Date of creation: 2013
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Handle: RePEc:ces:ceswps:_4555
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  1. Stark, Oded, 1993. "Nonmarket transfers and altruism," European Economic Review, Elsevier, vol. 37(7), pages 1413-1424, October.
  2. Simon Clark, 2004. "Law, Property, and Marital Dissolution," ESE Discussion Papers 32, Edinburgh School of Economics, University of Edinburgh.
  3. Helmut Rainer, 2003. "Should We Write Prenuptial Contracts?," Economics Discussion Papers 572, University of Essex, Department of Economics.
  4. Giulio Fella & Paola Manzini & Marco Mariotti, 2004. "Does Divorce Law Matter?," Journal of the European Economic Association, MIT Press, vol. 2(4), pages 607-633, 06.
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  6. Gubta, Nabanita Datta & Smith, Nina, 2000. "Children and Career Interruptions: The Family Gap in Denmark," CLS Working Papers 00-3, University of Aarhus, Aarhus School of Business, Centre for Labour Market and Social Research.
  7. Becker, Gary S, 1974. "A Theory of Marriage: Part II," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages S11-S26, Part II, .
  8. Becker, Gary S, 1973. "A Theory of Marriage: Part I," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 813-46, July-Aug..
  9. Pierre-André Chiappori & Sonia Oreffice, 2008. "Birth Control and Female Empowerment: An Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 116(1), pages 113-140, 02.
  10. Lommerud, Kjell Erik, 1989. "Marital Division of Labor with Risk of Divorce: The Role of "Voice" Enforcement of Contracts," Journal of Labor Economics, University of Chicago Press, vol. 7(1), pages 113-27, January.
  11. Adrian Masters, 2008. "Marriage, Commitment and Divorce in a Matching Model with Differential Aging," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(3), pages 614-628, July.
  12. Abraham L. Wickelgren, 2009. "Why Divorce Laws Matter: Incentives for Noncontractible Marital Investments under Unilateral and Consent Divorce," Journal of Law, Economics and Organization, Oxford University Press, vol. 25(1), pages 80-106, May.
  13. Bruno Deffains & Eric Langlais, 2006. "Incentives to cooperate and the discretionary power of courts in divorce law," Review of Economics of the Household, Springer, vol. 4(4), pages 423-439, December.
  14. Shelley Phipps & Peter Burton & Lynn Lethbridge, 2001. "In and out of the labour market: long-term income consequences of child-related interruptions to women's paid work," Canadian Journal of Economics, Canadian Economics Association, vol. 34(2), pages 411-429, May.
  15. Miriam Beblo & Stefan Bender & Elke Wolf, 2009. "Establishment-level wage effects of entering motherhood," Oxford Economic Papers, Oxford University Press, vol. 61(suppl_1), pages i11-i34, April.
  16. Zelder, Martin, 1993. "Inefficient Dissolutions as a Consequence of Public Goods: The Case of No-Fault Divorce," The Journal of Legal Studies, University of Chicago Press, vol. 22(2), pages 503-20, June.
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