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 …

Motivated by anecdotal as well as econometric evidence from Italy, we ask whether private schools can provide lower … offering at a positive price lower quality than the public school can be an equilibrium. The calibrated parameters for Italy …

levels over time in Italy. However, focusing on equality of circumstances, we show that there is still a persistent … and risk aversion. Some descriptive evidence on the persistent differential in returns to college education depending on …

volunteers belonging to public, private forprofit and private nonprofit institutions delivering social services in Italy. The …

opportunities. It examines Italy's experience during the 1990s, when policy changes prompted HE institutions to offer a wider range …