Uncertainty, Insurance, and Division of Labor
AbstractThis paper develops an equilibrium model to investigate the relationships between transaction uncertainties. risk aversion, insurance, specialization, per capita real income, and productivity progress. It is shown that transaction uncertainties can restrict the division of labor: the level of division of labor decreases with the degree of risk aversion: insurance will promote the equilibrium level of division of labor, per capita real income, and productivity. Copyright 1998 by Blackwell Publishing Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of Development Economics.
Volume (Year): 2 (1998)
Issue (Month): 1 (February)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1363-6669
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- Cheng, Wenli & Yang, Xiaokai, 2004. "Inframarginal analysis of division of labor: A survey," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 137-174, October.
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