This paper estimates agricultural total factor productivity (TFP) in 162 countries between 1991 and 2015 and aims to …

risk. Dispersion in MPK depends on (i) heterogeneity in firm-level risk premia and (ii) the price of risk, and thus is … countercyclical. We document strong empirical support for these predictions. Stock market-based measures of risk premia imply that … risk considerations explain about 30% of observed MPK dispersion among US firms and rationalize a large persistent …

We study the impact of incomplete consumption risk-sharing on land misallocation in rural economies. We develop a … shocks and insure themselves by participating in a risk-sharing arrangement. Incomplete insurance distorts households … panel data from rural India, we quantify the losses attributable to limited risk-sharing. Completing insurance markets leads …

This paper estimates agricultural total factor productivity (TFP) in 162 countries between 1991 and 2015 and aims to …