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Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 15737
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
The extent to which individuals commit to their partner for life has important implications. This paper develops a lifecycle collective model of the household, through which it characterizes behavior in three prominent alternative types of commitment: full, limited, and no commitment. We propose a test that distinguishes between all three types based on how contemporaneous and historical news affect household behavior. Our test permits heterogeneity in the degree of commitment across households. Using recent data from the Panel Study of Income Dynamics, we reject full and no commitment, while we find strong evidence for limited commitment.
Schlagwörter: 
household behavior
intertemporal choice
commitment
collective model
family labor supply
dynamics
wages
PSID
JEL: 
D12
D13
D15
J22
J31
Dokumentart: 
Working Paper

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