Risk Sharing and On-the-Marriage Search

Laura Turner and Kevin Devereux
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Laura Turner: University of Toronto

No 815, 2014 Meeting Papers from Society for Economic Dynamics

Abstract: Much attention has been paid to the high divorce rate, but less recognized is the frequency of remarriage. To the extent that marriage provides consumption insurance, this prompts re-examination of the gains to marriage in terms of risk sharing. This paper shows that existing models of marriage with risk sharing and limited commitment cannot explain the rate and speed at which divorcees remarry. Introducing on-the-marriage search allows simulations to match the rates seen in the data.

Date: 2014
New Economics Papers: this item is included in nep-dge
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