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Uncertainty, Insurance and the Division of Labor

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journal contribution
posted on 05.06.2017 by Lio, Monchi
This paper provides a general equilibrium model to explore the relationships between transaction risks, transportation costs and division of labor. It is shown that insurance against transaction risks will change the extent of the market, the level of specialization, productivity and the level of division of labor.

History

Year of first publication

1996

Series

Department of Economics.

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