This paper offers a theory of development that links the degree of market incompleteness to capital accumulation and … growth. At early stages of development, the presence of indivisible projects limits the degree of risk spreading …

This paper constructs a tractable general equilibrium model of search with risk-aversion. An increase in risk … hazard: insured workers seek high wage jobs with high unemployment risk. An economy with risk-neutral workers achieves … maximal output without any UI. In contrast, in an economy with risk-averse workers, a positive level of UI maximizes output …

This paper constructs a tractable general equilibrium model of search with risk aversion. An increase in risk aversion …-wage jobs with high unemployment risk. An economy with risk-neutral workers achieves maximal output without any unemployment … insurance, but an economy with risk-averse workers requires a positive level of unemployment insurance to maximize output …

This paper constructs a tractable general equilibrium model of search with risk-aversion. An increase in risk … hazard: insured workers seek high wage jobs with high unemployment risk. An economy with risk-neutral workers achieves … maximal output without any UI. In contrast, in an economy with risk-averse workers, a positive level of UI maximizes output …