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Research ArticleArticle

Risk Attitudes and Household Migration Decisions

Christian Dustmann, Francesco Fasani, Xin Meng and Luigi Minale
Published online before print December 14, 2020, 1019-10513R1; DOI: https://doi.org/10.3368/jhr.58.3.1019-10513R1
Christian Dustmann
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
Associate Professor (Reader) in Economics at Queen Mary University of London and affiliated to CReAM, CEPR and IZA.
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Xin Meng
Professor in Economics at the Australian National University and affiliated to CReAM and IZA.
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Luigi Minale
Assistant Professor in Economics at Universidad Carlos III de Madrid and affiliated to CReAM and IZA.
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Abstract

This paper analyses 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 in the first part of the paper. 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 on individual level.

JEL classification
  • J61
  • 015
  • R23
  • D81
Keywords
  • risk preferences
  • internal migration
  • household decisions
  • © 2020 by the Board of Regents of the University of Wisconsin System

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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 Dec 2020, 1019-10513R1; 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 Dec 2020, 1019-10513R1; DOI: 10.3368/jhr.58.3.1019-10513R1
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Keywords

  • J61
  • 015
  • R23
  • D81
  • risk preferences
  • internal migration
  • household decisions
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