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Market Constraints as a Rationale for the Friedman-Savage Utility Function
(University of Chicago Press, 1981-08)
Labor Migration and Risk Aversion in Less Developed Countries
(University of Chicago Press, 1986)
In this paper we question the pioneering work of Todaro, which states that rural-to-urban labor migration in less developed countries (LDCs) is an individual response to a higher urban expected income. We demonstrate that ...