used to assess the cost-effectiveness of India's Employment Guarantee Scheme in Bihar. Participants are found to have …

later get a job. Perhaps their exposure to uninsured risk outside the formal employment sector reduces their expectations … effects are weak at a given current income. And the effect of unemployment is not robust. Returning to work does not restore a … sense of welfare unless there is an income gain. The results imply that even transient unemployment brings the feeling of a …