Migration, Family, and Risk Diversification
构建了一个正式模型，分析异质性工人和随机相关市场下的家庭最优迁移模式，解释了即使国外收入更低或风险更高时迁移仍会发生，并支持了仅家属迁移的现象。
This article proposes a formal model of migration in which workers are heterogeneous and markets are stochastically correlated. We derive and characterize the optimal migration pattern of a family. We show that migration can take place even when migrants earn less abroad and, surprisingly, when earnings in the foreign country are riskier for every member of the family. Moreover, it may well be an optimal arrangement to have only dependents migrate, thus rationalizing the recent dependent-oriented migration flows from places like Hong Kong and Taiwan. We provide some evidence in support of our theory.