Publication: More on Marriage, Fertility and the Distribution of Income
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2002-03
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Abstract
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.” An overlapping generations model of marriage, fertility and income distribution is 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. They are free
to accept or reject marriage proposals. Married agents make their decisions
through bargaining about work, and the quantity and quality of children.
They can divorce. Social policies, such as child tax credits or child support
requirements, reflect the “organization of the (society).” Finally, “chance”
is modelled by randomness in income, opportunities for marriage, and marital
bliss.
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Keywords
Fertility, Marriage and Divorce, Nash Bargaining, Income Distribution, Public Policy