An Equilibrium Analysis of Marriage, Divorce and Risk-Sharing
نویسنده
چکیده
This paper considers marriage, divorce and reciprocity-based cooperation by couples in the form of sharing of earnings-risk. While risk sharing is one bene...t to marriage it is also limited by divorce risk. With search in the marriage market there may be multiple equilibria di¤ering not only in family formation and dissolution patterns but also in the role of marriage in providing informal insurance. Publicly provided earnings-insurance, despite potential equilibrium multiplicity, is shown to a¤ect family formation and ...nancial cooperation monotonically.
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