Labor Migration and Risk Aversion in Less Developed Countries
质疑托达罗模型，证明即使城市预期收入低于农村，在严格条件下（个体决策、单期规划、全局风险规避），劳动力迁移仍可能是理性的。
"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 rural-to-urban labor migration is perfectly rational even if urban expected income is lower than rural income. We achieve this under a set of fairly stringent conditions: an individual decision-making entity, a one-period planning horizon, and global risk aversion. We obtain the result that a small chance of reaping a high reward is sufficient to trigger rural-to-urban labor migration."