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Labor migration and risk aversion in less developed countries.

E Katz, O Stark

    Journal of Labor Economics
    |January 1, 1986
    PubMed
    Summary
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    Rural-to-urban migration in developing countries can occur even with lower urban incomes. A small chance of high rewards can drive this migration, challenging previous theories.

    Area of Science:

    • Development Economics
    • Labor Economics
    • Migration Studies

    Background:

    • The prevailing theory by Todaro posits that rural-to-urban labor migration in less developed countries (LDCs) is driven by the pursuit of higher expected urban income.
    • This model assumes rational economic behavior where individuals migrate solely based on income differentials.

    Purpose of the Study:

    • To challenge the established Todaro model of rural-to-urban labor migration.
    • To demonstrate the rationality of migration even when expected urban income is lower than rural income.
    • To identify conditions under which migration occurs despite unfavorable income expectations.

    Main Methods:

    • Theoretical modeling of individual decision-making.
    • Analysis under stringent conditions: individual decision-making, one-period planning horizon, and global risk aversion.
    Keywords:
    BehaviorCritiqueDecision MakingDemographic FactorsDeveloping CountriesEconomic FactorsHuman ResourcesIncomeLabor ForceMigrationMotivationPopulationPopulation DynamicsProbabilityPsychological FactorsResearch MethodologyRural-urban MigrationSocioeconomic FactorsStatistical StudiesStudies

    Related Experiment Videos

  • Examining the role of risk and potential high rewards in migration decisions.

    • Main Results:

    • Rural-to-urban labor migration is demonstrated to be rational, irrespective of whether expected urban income exceeds rural income.
    • The model shows that migration can be triggered even with a lower expected urban income compared to rural income.
    • A small probability of achieving a significantly high reward is sufficient to incentivize migration.

    Conclusions:

    • The findings suggest that migration decisions are not solely based on expected income differentials.
    • Risk-taking behavior and the potential for substantial gains play a crucial role in rural-to-urban labor migration.
    • This research offers a nuanced understanding of migration drivers in less developed countries.