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 …

Increased job effort can raise productivity and income but put workers at increased risk of illness and injury. We …

by the rise of populism and the China shock. We present a theoretical framework of risk and income effects of … political support for social insurance can decline in spite of the risk effect. We construct an empirical measure of welfare … of the shock into a (weak) positive risk effect and a (strong) negative income effect. …