Question: Explain example New Household Economic Model a. Migration is not an individual decision (made by family unit) b. Goal is not just maximizing income, but

Explain example New Household Economic Model a. Migration is not an individual decision (made by family unit) b. Goal is not just maximizing income, but also reducing risk (Crop insurance, future markets, unemployment insurance, capital markets) c. Risk adverse behavior is necessary in countries with poor social systems protecting citizens. d. Goal is to improve economic position relative reference groups. e. International migration and local employment are not mutually exclusive

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