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Article analysis:

The article "Between Calm and Passion: The Cooling-Off Period and Divorce Decisions in Korea" discusses the impact of a mandatory divorce cooling-off period recently introduced in Korea. The article highlights the potential socioeconomic implications of divorce, including gender-based inequities, and analyzes the underlying mechanisms and potential effects of the cooling-off period.

The article presents a classical model developed by Gary S. Becker that assumes individuals are dispassionate information processors capable of making rational choices. However, the article also acknowledges that people may be in a fragile emotional state when making the decision to divorce and could lack self-control and make irrational decisions. The article suggests that projection bias might lead people to make hasty decisions to divorce based on wrong predictions in a fit of rage.

The article examines whether the adoption of a mandatory divorce cooling-off period has an effect on couples' divorce decisions by separately examining the effects of policy on divorce filing rates, the rate of filing cancellation, and the rate of finalized divorces. The study found that the cooling-off period significantly increased the cancellation of divorce filings by approximately 8 percent, which led to a 9 percent reduction in finalized divorce rates.

While the study provides valuable insights into how a cooling-off period can address behavioral errors in decision-making related to divorce, it is important to note some potential biases and limitations. For example, while the study acknowledges concerns raised by feminists about delaying divorce harming people trapped in bad marriages, it does not fully explore these concerns or provide evidence for its claims that implementation of a mandatory cooling-off period should be carefully designed not to disadvantage women with weak bargaining power in their marriages.

Additionally, while the study provides evidence for how a cooling-off period can increase cancellation rates and decrease finalized divorces, it does not assess overall welfare implications such as effects on children or social costs related to divorced families or their children. It is also unclear whether possible risks are noted or both sides are presented equally.

Overall, the article provides valuable insights into the potential benefits of a cooling-off period in decision-making related to divorce. However, it is important to consider potential biases and limitations in the study's findings and acknowledge concerns raised by feminists about delaying divorce harming people trapped in bad marriages.