The Impact of Divorce Laws on the Equility of the Marriage Market
Divorce, a commonplace experience in today’s society, has far-reaching implications that extend beyond the immediate parties involved. Recent scrutiny has revealed a novel aspect that shapes the dynamics of the marriage market—the impact of divorce laws.
Does Easiness of Divorce Affect Marital Choices?
An intriguing question emerges from this intricate web of family and law – does the ease of obtaining a divorce affect the dynamics of who marries whom?
Exploring the timeline of unilateral divorce adoption across the United States, it appears that it does result in an increased assortative matching among newlyweds. Simply put, people are more likely to marry those who are similar to them in certain aspects when it is easier to dissolve a marriage.
A Novel Life-Cycle Equilibrium Model
To unravel this phenomenon, a novel life-cycle equilibrium model of marriage, labor supply, consumption, and divorce was proposed, and its estimations under the baseline mutual consent divorce regime were considered. This model’s resolution under unilateral divorce reveals an increase in assortative matching, a result that is consistent with the data.
It suggests that these effects primarily arise from changes in marital choices when risk sharing and cooperation—fundamental tenets of traditional marriage—decrease. This reinforces the significance of contemplating equilibrium effects when assessing family policies.
Commentary and Insights
The discussion has elicited varying perspectives. Some view the increasing affinity towards similar partners as logical, particularly in a framework where divorce is easily accessible. Here, the emphasis shifts from family and mutual support to emotions and quest for compatibility.
However, others argue that the focus on individual gain is distorting the essence of marriage. They opine that the shift from traditional marriages of divergent partners to a preference for similar partners could be driving socio-economic inequality in the United States.
Towards a New Marital Equilibrium?
It raises critical questions about marriage’s very essence and how it interplays with laws. Is the trend towards similar partners fostering assortative marriages intoxicating the traditional ethos of marriage rooted in compromise, cooperation and mutual support? Are we meandering towards a new marital equilibrium where ease of divorce is stirring the marital choices?
Only time and further research will reveal how these evolving marital dynamics will reshape the societal fabric and influence future family policies.
Originally Post From https://marginalrevolution.com/marginalrevolution/2024/11/the-impact-of-divorce-laws-on-the-equilibrium-in-the-marriage-market.html
