exogenous risk and delegation. That is, we show that only if exogenous risk is sufficiently large, the risk-neutral principal … may prefer to delegate authority over decisions to the risk-averse agent. Intuitively, for incentive reasons, the … principal may optimally want to allow the agent to reduce his risk exposure. Nevertheless, even endogenous risk may be higher …

in the type of degree studied can explain an additional 8.4% of the male-female pay gap. Risk-augmented earnings …

We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual …-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual …-level, idiosyncratic risk implies that distinct risk-sharing institutions - even those providing the same level of insurance - can lead to …

We collect data on operations, targets and human resources management practices in over 1,800 schools educating 15-year …-olds in eight countries. Overall, we show that higher management quality is strongly associated with better educational … outcomes. The UK, Sweden, Canada and the US obtain the highest management scores closely followed by Germany, with a gap to …

uninsurable labor income risk, and economic growth in a small open overlapping-generations economy with heterogeneous agents. It …

In this paper we test for risk compensation in wages using Danish panel data. With the conviction that the type of … Danish population to calculate different measures of earnings risk by education. Our long panel data set also allows us to … components in wage compensation. We also experiment with new measures of earnings risk based on transitory intertemporal …

This paper derives optimal employment contracts when workers are risk averse and there are employment and unemployment … during employment but dismissal delays insure partially against the unemployment risk because of moral hazard. During the …