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Social and Behavioral Sciences Commons™
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Full-Text Articles in Social and Behavioral Sciences
Measuring How Risk Tradeoffs Adjust With Income, Mary F. Evans, V. Kerry Smith
Measuring How Risk Tradeoffs Adjust With Income, Mary F. Evans, V. Kerry Smith
CMC Faculty Publications and Research
Efforts to reconcile inconsistencies between theory and estimates of the income elasticity of the value of a statistical life (IEVSL) overlook important restrictions implied by a more complete description of the individual choice problem. We develop a more general model of the IEVSL that reconciles some of the observed discrepancies. Our framework describes how exogenous income shocks, such as unexpected medical expenditures, may affect labor supply decisions which in turn influence both the coefficient of relative risk aversion and the IEVSL. The presence of a consumption commitment, such as a home mortgage, also alters this labor supply adjustment. We use …
India’S Unlikely Democracy: Economic Growth And Political Accommodation, Aseema Sinha
India’S Unlikely Democracy: Economic Growth And Political Accommodation, Aseema Sinha
CMC Faculty Publications and Research
There is no doubt that India’s democracy has become stable, yet economic change could create distributional conflicts and stresses on its democratic institutions. Economic change and liberalization have served to reinforce and further stabilize democracy rather than undermining it. This has happened partly because of the nature of economic and social transition, which has allowed the rich many options in the private, urban, and global economy. Simultaneously, the poor are divided and seek redress through electoral and democratic channels. Weak coalition governments in the 1990s have responded to claims from the poor contributing to the continuing stability of Indian democracy.