Title: Risk-taking and Income Inequality in (Dis)Integrated Markets
Speaker: Gezhou Xiao（Assistant Professor, School of Business, The Chinese University Of Hong Kong）
Description：A pandemic or populism can dial back global integration as much as advancements in IT and transportation spur it. We study a general equilibrium model of occupational choice, risk-taking, and income inequality against backdrop of market (dis)integration with inelastic supplies of products and services. In a segmented environment, entrepreneurship and risk-taking are inefficiently low; in an integrated market, they can be socially excessive and entrepreneurship is non-monotone in the inelastic supply of service. As transportation and information technologies improve, occupational risk-taking and total production increase, with ambiguous welfare consequences. In a dynamic setting with inter-generational inheritance, wealth inequality is exacerbated by income inequality, but faces a long-term reversal when service supply is affected by total production.
Time：June 10th, 2022（Friday），14:00-16:00
Venue: Tencent meeting Room ID：528-684-494
