ECON 3100 Lecture Notes - Lecture 3: The Marriage Market, Absolute Advantage, Revealed Preference

• School: CU Denver
• Department: Economics
• Course: ECON 3100
• Professor: hoffman,saul

Document Summary

Marriage & family are incredibly important economic institutions: co(cid:396)e e(cid:448)e(cid:374)t i(cid:374) a(cid:374)(cid:455) (cid:455)ou(cid:374)g adult"s life, esp. women, esp. in past, great example of broad application of economics as analysis of choices. Becker (p. 39: family as miniature economy. Lots of interesting changes to think about: %s, i(cid:374) median age, divorce, cohabitation, div of labor. Will mostly ignore details of specific marriages to focus on broad principles. % ma(cid:396)(cid:396)ied (cid:1006)(cid:1004) % pts since 1950. % di(cid:448)/ ep f(cid:396)o(cid:373) (cid:1006). (cid:1009)% to (cid:1005)(cid:1007)% % ne(cid:448) ma(cid:396) from 20% to 30% At age 18-(cid:1005)(cid:1013), f(cid:396)o(cid:373) (cid:1007)(cid:1006)% to (cid:1008)%; at age (cid:1006)(cid:1004)-(cid:1006)(cid:1008), f(cid:396)o(cid:373) (cid:1011)(cid:1006)% to < (cid:1006)(cid:1004)%. Age profiles catch up at later ages, but not fully (more so in 1990 than. Median age at 1st marriage=27 for women, 28 for men. Table 3. 1 relationship status of persons aged 15 and over, selected european and oecd countries, 2012. Source: society at a glance 2014: oecd social indicators.