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BEGIN:VEVENT
UID:e1982e0fff3c8b11c00e40eb2c43f570
CATEGORIES:Seminars
CREATED:20260430T072609
SUMMARY:Alessandra Voena - Stanford University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:"Committing While We Still Can: Marital Regimes, Labor Supply and Household
  Intertemporal Behavior" (with Andrea Mattia, Banca d'Italia)\n\n\nAbstract
 :\nThis paper studies how households use premarital agreements to commit to
  how marital assets will be divided in case of divorce. We examine a settin
 g in which the cost of such agreements is minimal: by marking their choice 
 on the marriage license application, Italian couples can choose at no finan
 cial cost between community property, in which assets are split equally bet
 ween husband and wife, and separation of property, in which each spouse ret
 ains the assets in their name. Using multiple administrative and survey dat
 asets, we document that a sizable minority of Italian couples chooses commu
 nity property, and that their selection is systematic: couples in which the
  wife undertakes substantial household-specific investments are especially 
 likely to elect community property, and the take-up of the regime declines 
 as female labor market attachment increases. We show that these patterns ar
 e not consistent with a standard limited-commitment model of household beha
 vior with divorce as the only outside option to marital cooperation. Instea
 d, we develop a dynamic model of marriage, female labor supply, savings, an
 d divorce in which spouses can engage in non-cooperative behavior prior to 
 divorce, and pre-commit to an equal split of assets to promote the wife's h
 ousehold-specific investments. The estimated model implies that, as female 
 labor force participation rises and the gender wage gap narrows, the value 
 of this commitment falls. Lowering the cost of prenuptial contracting gener
 ates substantial welfare gains for couples and raises the value of marriage
 .\n
DTSTAMP:20260913T233931Z
DTSTART:20260914T163000Z
DTEND:20260914T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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