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Pierre André Chiappori (Columbia) "Family Economics" - Cemmap

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3. Preferences and decision making 145<br />

devices. In practice, such devices are likely to exist in Basu’s setting (since<br />

the Pareto improvement could be reached during marriage) but not in Konrad<br />

and Lommerud’s framework (because investments are made before the<br />

spouses meet). All in all, these models emphasize the key role of commitment,<br />

a point that has been evoked earlier and that will be extensively<br />

discussed in Chapter 6. They also indicate that the interaction between ex<br />

ante investements and ex post matching on the marriage markets are both<br />

important and complex; we shall analyze them in full detail in the second<br />

part of the book.

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