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 …

occurred largely in May 1989 in Beijing, China. Using monthly micro panel data, we present evidence that a surge in political … uncertainty resulted in significant temporary increases in savings among urban households in China. Households responded mainly by …

occurred largely in May 1989 in Beijing, China. Using monthly micro panel data, we present evidence that a surge in political … uncertainty resulted in significant temporary increases in savings among urban households in China. Households responded mainly by …

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 study household decision making in a high-stakes experiment with a random sample of households in rural China …. Spouses have to choose between risky lotteries, first separately and then jointly. We find that spouses' individual risk …