“…2 Recent studies that have their origins in this model have made important contributions to the study of distributional impacts of agricultural productivity shocks, technology adoption, and the operation of labor markets (Jayachandran (2006), Suri (2011), Kaur (2015), Mobarak and Rosenzweig (2014)), risk sharing (Townsend (1994)), the impact of microcredit (Kaboski and Townsend (2011)), understanding intra-household resource allocation (Udry (1996)), property rights (Field (2007)), and child labor and household production (Akresh and Edmonds (2011)). More broadly, the effects of policies depend critically on whether or not economic decision-makers behave as if markets are complete (Singh, Squire, and Strauss (1986), Dillon and Barrett (2015)).…”