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  • Hi, my parents live in harford, just down the road .......

    Living in Dryden: Energy efficiency in our old house

  • Tony Passaro: A friend sent me this scenario, in the hopes that it would help ... cisco: this article is not reflective of harford county at all. the numbers ...

    Baltiblogs

  • Call 410-836-4211 or visit www. harford.edu / cultural.

    Blog updates

  • RT @BelAirVolFireCo: smoke testing in box 304, harford mall, marketplace dr shopping areas.

    Blogtimore, Hon

  • If you can do that in a way that improves both parties, then you won't contribute to the optimal divorce rate. marriage is a great example of how plain old neo-classical price theory fails us and you need to consider institutions. in particular, as fabio is saying, marriage is an embedded relationship in which the partners make investments with high asset specificity. this is only possible when there are high barriers to exit as otherwise there is a strong incentive to make investments with low asset specificity as a hedge against dissolution of the tie. in plain english, this means that when divorce is expensive, spouses will invest in each other (often through a breadwinner/homemaker division of labor) whereas when divorce is cheap spouses will invest in themselves (often as DINKs). you can see this most clearly in that cohabiting couples (who break up at the drop of a hat) exhibit almost no complementarity whatsoever. harford seems to get all this. however what he seems to miss is that this creates problems for people who would prefer to credibly commit to a high investment marriage. since marriage is both culturally and legally cheaper than it used to be, credible commitment is impossible and post-1970s marriage takes on the structure of a prisoners dilemma with a positive feedback loop between low investment and high dissolution.

    orgtheory.net

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