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Research ArticleArticles

Risk Attitudes and Household Migration Decisions

View ORCID ProfileChristian Dustmann, View ORCID ProfileFrancesco Fasani, Xin Meng and View ORCID ProfileLuigi Minale
Journal of Human Resources, January 2023, 58 (1) 112-145; DOI: https://doi.org/10.3368/jhr.58.3.1019-10513R1
Christian Dustmann
Christian Dustmann is Professor of Economics at University College London and Director at the Centre for Research and Analysis of Migration (CReAM).
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Francesco Fasani
Francesco Fasani is Associate Professor of Economics at University of Milan and affiliated with CReAM, CEPR, and IZA ().
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Xin Meng
Xin Meng is Professor in Economics at the Australian National University and affiliated with CReAM and IZA.
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Luigi Minale
Luigi Minale is Associate Professor in Economics at Universidad Carlos III de Madrid and affiliated with CReAM and IZA.
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ABSTRACT

We analyze the relation between risk attitudes and household migration decisions. Using data of rural-urban migrants in China and their family members left behind, we obtain three key findings: (i) conditional on migration gains, less risk-averse individuals are more likely to migrate; (ii) conditional on own risk aversion, individuals are more likely to migrate the higher the risk aversion of the other household members; and (iii) conditional on average risk aversion, households with more dispersed risk preferences are more likely to send migrants. These findings are in line with a stylized model that we develop. Our results provide evidence that the distribution of risk attitudes within the household affects whether a migration takes place and who will emigrate. They also suggest that the risk diversification gain to other household members may lead to migrations that would not take place when decisions were made at the individual level.

JEL Classification:
  • J61
  • 015
  • R23
  • D81
  • Received October 2019.
  • Accepted October 2020.
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Journal of Human Resources: 58 (1)
Journal of Human Resources
Vol. 58, Issue 1
1 Jan 2023
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Risk Attitudes and Household Migration Decisions
Christian Dustmann, Francesco Fasani, Xin Meng, Luigi Minale
Journal of Human Resources Jan 2023, 58 (1) 112-145; DOI: 10.3368/jhr.58.3.1019-10513R1

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Risk Attitudes and Household Migration Decisions
Christian Dustmann, Francesco Fasani, Xin Meng, Luigi Minale
Journal of Human Resources Jan 2023, 58 (1) 112-145; DOI: 10.3368/jhr.58.3.1019-10513R1
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    • ABSTRACT
    • I. Introduction
    • II. Background
    • III. Theoretical Framework and Empirical Hypotheses
    • IV. Data and Descriptives
    • V. Empirical Strategy and Results
    • VI. An Illustration of Individual and Household Decisions
    • VII. Discussion and Conclusions
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Keywords

  • J61
  • 015
  • R23
  • D81
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