Consistent with real option theory, the authors argue that the value of the Employment Guarantee Scheme (EGS) in rural India and its impact on workers' behavior does not depend so much on its income supplementation as on enlargement of opportunities in the uncertain local labor market. The...

We systematically examine the acute impact of exposure to a public health crisis on multiple dimensions of economic decision making and social preferences using unique experimental panel data collected just before and immediately after the outbreak of COVID-19 in China. Exploiting the...