Assortative Matching at the Top of the Distribution: Evidence from the World's Most Exclusive Marriage Market

Abstract

Using novel data on peerage marriages in Britain, I find that low search costs and marriage-market segregation can generate sorting. Peers courted in the London Season, a matching technology introducing aristocratic bachelors to debutantes. When Queen Victoria went into mourning for her husband, the Season was interrupted (1861–1863), raising search costs and reducing market segregation. I exploit exogenous variation in women's probability to marry during the interruption from their age in 1861. The interruption increased peer–commoner intermarriage by 40 percent and reduced sorting along landed wealth by 30 percent. Eventually, this reduced peers' political power and affected public policy in late nineteenth-century England. (JEL C78, D83, J12, J16, N33)