Risk and Return Trade-Offs in Lifetime Earnings
研究了不同职业的终身收入风险差异，发现风险较高的职业预期收入更高，工人愿意放弃至少9%的终身收入来降低风险，职业流动能显著缓冲负面冲击。
This paper documents differences in lifetime earnings risk across occupations due to wage risk, employment risk, and midcareer occupation changes, which can mitigate other shocks. Total lifetime earnings risk varies considerably across starting occupation, and riskier occupations pay more in expectation. The average worker would give up at least 9% of total lifetime earnings in the least certain occupation to reduce the riskiness of that occupation to the level of the safest starting occupation. The insurance value of occupational mobility is quantitatively important. With mobility, workers absorb only 60%, on average, of negative occupation-specific wage shocks.