Pareto (1896), the distribution of income depends on "the nature of the people comprising a society, on the organization of the latter, and, also, in part, on chance." In the model developed here the "nature of the people" is captured by attitudes toward marriage, divorce, fertility, and children. Singles search for mates in a marriage market. Married agents bargain about work, and the quantity and quality of children. They can divorce. Social policies, such as child support requirements, reflect the "organization of the (society)." Finally, "chance" is modeled by randomness in income, marriage opportunities, and marital bliss. Copyright 2003 By The Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.">
According to Pareto (1896), the distribution of income depends on "the nature of the people comprising a society, on the organization of the latter, and, also, in part, on chance." In the model developed here the "nature of the people" is captured by attitudes toward marriage, divorce, fertility, and children. Singles search for mates in a marriage market. Married agents bargain about work, and the quantity and quality of children. They can divorce. Social policies, such as child support requirements, reflect the "organization of the (society)." Finally, "chance" is modeled by randomness in income, marriage opportunities, and marital bliss. Copyright 2003 By The Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.
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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 44 (2003) Issue (Month): 3 (08) Pages: 827-862 Download reference. The following formats are available: HTML,
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S. Rao Aiyagari & Jeremy Greenwood & Nezih Guner, 2000.
"On the State of the Union,"
Journal of Political Economy,
University of Chicago Press, vol. 108(2), pages 213-244, April.
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