Is Marriage as Good as a Contract?

Neither marriage nor a legally enforceable contract serves any useful purpose if the parties have access to a perfect credit market. In the presence of credit rationing, efficiency and utility equalization are guaranteed only by a legally enforceable contract. Separate-property marriage may reduce and community-property marriage actually eliminate inefficiency, but neither of them guarantees utility equalization.

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Year of publication:	2013
Authors:	Cigno, Alessandro
Institutions:	CESifo
Subject:	contracts \| hold-up problem \| separate-property marriage \| community-property marriage \| divorce legislation

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Extent:	application/pdf
Series:	CESifo Working Paper Series.
Type of publication:	Book / Working Paper
Notes:	Number 4555
Classification:	C78 - Bargaining Theory; Matching Theory ; J12 - Marriage; Marital Dissolution; Family Structure ; K36 - Family and Personal Law
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010732344