Among the studies on the productivity effect of migration, the role of the substitutability of human capital between migrant workers and local workers has not received much discussion. The elasticity of substitution is important for rural-urban migration in China, because there is substantial...

The intergenerational transfer of care is an altruistic but costly behavior. The paper uses a bivariate utility of own wealth and the dependent's health to examine a two-choice problem of saving and care-giving in a two-period prevention framework. A caregiver considers the tradeoff not only...

Recent work about risk preferences at the micro level mainly finds that changes in liquid wealth over time do not affect or have a positive effect on the liquid risky asset share. This paper embeds riskless noncapital income in standard portfolio choice models, and shows that exogenous...