Arbeitspapier

For Better or For Worse? State-Level Marital Formation and Risk Sharing

Why do some U.S. states have higher levels of marital formation than others? This paper introduces an economic model wherin a state's representative individual may choose to marry in order to diversify his or her idiosyncratic income risk. The paper demonstrates that such a diversification motive is enhanced for some utility functions when a state's level of undiversifiable risk becomes larger, and when a state's initial income and growth rate is lower. A test of the model's predictions, using cross-sectional data for the 50 U.S. states, suggests that there is broad support for a risk sharing motive for marriage as well as for a precautionary savings motive.

Language: Englisch

Bibliographic citation: Series: CESifo Working Paper ; No. 702

Classification: Wirtschaft

Subject: consumption insurance
marriage

Event: Geistige Schöpfung

(who): Chami, Ralph
Hess, Gregory D.

Event: Veröffentlichung

(who): Center for Economic Studies and ifo Institute (CESifo)

(where): Munich

(when): 2002

Handle: http://hdl.handle.net/10419/75959

Last update: 10.03.2025, 11:45 AM CET

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Object type

Arbeitspapier

Associated

Chami, Ralph
Hess, Gregory D.
Center for Economic Studies and ifo Institute (CESifo)

Time of origin

2002

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For Better or For Worse? State-Level Marital Formation and Risk Sharing

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