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Risk-Bearing and the Theory of Income Distribution
Abstract
This paper develops the stochastic theory of distribution with a dynamic model which focuses on the role of incomplete insurance in generating inequality. Unlike previous work, our approach takes explicit account of the reason for market incompleteness in modeling agents' behaviour; in particular, the amount of risk borne is endogenous. Using a model of growth with altruism in which agents are risk-averse and there is moral hazard, we show that lineage wealth follows a Markov process which converges globally to an ergodic distribution; this also represents the long-run population distribution of wealth. We discuss the role of particular assumptions, such as availability of production loans and unboundedness of utility, in yielding the qualitative properties of the distribution of wealth, the choice of “occupation” and the prevention of poverty traps.
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Citations
Cites
Human Capital and the Rise and Fall of Families
Becker, G. S., & Tomes, N. (1986) · Journal of Labor Economics · doi:10.1086/298118 · Cited by 2,913
An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility
Becker, G. S., & Tomes, N. (1979) · Journal of Political Economy · doi:10.1086/260831 · Cited by 2,243
Cited by
Income distribution, political instability, and investment
Alesina, A., & Perotti, R. (1996) · European Economic Review · doi:10.1016/0014-2921(95)00030-5 · Cited by 2,303
Inequality and Economic Growth: The Perspective of the New Growth Theories
Aghion, P., Caroli, E., & García-Peñalosa, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.4.1615 · Cited by 1,848
Political Equilibrium, Income Distribution, and Growth
Perotti, R. (1993) · The Review of Economic Studies · doi:10.2307/2298098 · Cited by 746
Underinvestment in a Profitable Technology: The Case of Seasonal Migration in Bangladesh
(2014) · Econometrica · doi:10.3982/ecta10489 · Cited by 710
Entrepreneurship, Saving, and Social Mobility
Quadrini, V. (2000) · Review of Economic Dynamics · doi:10.1006/redy.1999.0077 · Cited by 678
Metadata
- Authors
- Banerjee, A. V., & Newman, A. F.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-04
- Volume
- 58
- Issue
- 2
- Pages
- 211
- ISSN
- 0034-6527 (ISSN-L)
- OpenAlex
- W2262566376
- Cited by
- 295
- References
- 2
- FWCI
- 16.69
- Type
- journal article
- Language
- en
- Open access
- closed
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- Banerjee, A. V., & Newman, A. F. (1991). Risk-Bearing and the Theory of Income Distribution. The Review of Economic Studies. https://doi.org/10.2307/2297965
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
