Competing Pre-marital Investments

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Competing Pre-marital Investments

Author Info

Michael Peters
Aloysius Siow

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Abstract

Pre-marital investments by spouses are largely viewed as public goods within the marriage. So individuals may underinvest. But individuals also use their investments to compete for spouses with higher investments. In a large marriage market, the higher equilibrium match quality obtained by increasing pre-marital investment exactly internalizes the external benefit of the investment so the competitive equilibrium is effcient. This model of competing investments in local public goods is a special case of Rosen's hedonic market model. In small marriage markets, the competition for spouses will raise incentives to invest in pre-marital investments as well as making these investments less predictable.

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Paper provided by University of Toronto, Department of Economics in its series Working Papers with number peters-00-01.

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Length: 27 pages
Date of creation: 13 Jan 2000
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Handle: RePEc:tor:tecipa:peters-00-01

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Article
- Michael Peters & Aloysius Siow, 2002. "Competing Premarital Investments," Journal of Political Economy, University of Chicago Press, vol. 110(3), pages 592-608, June. [Downloadable!] (restricted)
Paper
- Michael Peters & Aloysius Siow, 2001. "Competing Premarital Investment," Working Papers peters-01-02, University of Toronto, Department of Economics. [Downloadable!]

This paper has been announced in the following NEP Reports:

NEP-ALL-2000-05-30 (All new papers)
NEP-MIC-2000-05-30 (Microeconomics)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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Other versions:
- Michael Peters, 1998. "Limits of Exact Equilibria for Capacity Constrained Sellers with costlySearch," Working Papers peters-98-01, University of Toronto, Department of Economics. [Downloadable!]
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Other versions:
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Other versions:
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Other versions:
- Konrad, Kai A & Lommerud, Kjell Erik, 1996. "The Bargaining Family Revisited," CEPR Discussion Papers 1312, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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Other versions:
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Other versions:
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Other versions:
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