Using 20 years of nationally representative panel data in South Korea, we estimate how life satisfaction responds to income shocks. We document that unexpected income changes significantly impact an individual's life satisfaction, and the magnitudes depend on the persistence of income shocks. We...

Given that divorce often represents an income gamble, we ask how individual levels of risk tolerance affect the decision to divorce. Instead of choosing divorce whenever its expected utility exceeds the expected utility of continued marriage, risk averse individuals should require additional...

Using 20 years of nationally representative panel data in South Korea, we estimate how life satisfaction responds to income shocks. We document that unexpected income changes significantly impact an individual's life satisfaction, and the magnitudes depend on the persistence of income shocks. We...

Given that divorce often represents a high-stakes income gamble, we ask how individual levels of risk tolerance affect the decision to divorce. We extend the orthodox divorce model by assuming individuals are risk averse, marriage is risky, and divorce is even riskier. The model predicts that...

I examine employment dynamics of married women with a particular focus on the role of part-time work using panel data from South Korea.Using a dynamic multinomial logit model with random effects, I find that a part-time work alternative substantially reduces the probability of being out of the...