model incorporating England's and China's distinct pre-modern risk-sharing institutions. The model predicts a transition in … England and not China even with equal levels of risk sharing. Under the clan-based Chinese institution, the relatively risk …We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual …

In this paper we study the importance of marriage for interstate risk sharing. We find that US states in which married … just improve the allocation of risk at the individual level, but also have implications for the allocation of risk at the … more aggregated state-level. Quantitatively, the impact of marriage on interstate risk sharing varies over divorce regimes. …

Though much has been written about annual income inequality in China, little research has been conducted on longer run … measures of income inequality and on income mobility. This paper compares income mobility of urban individuals in China and the … misleading indicators of long-run income inequality? How much income mobility was there in China in the first half of the 1990s …

risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among … different groups of countries and examine how international financial integration has affected the evolution of risk sharing … patterns. Using a variety of empirical techniques, we conclude that there is at best a modest degree of international risk …

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 …