10.4225/03/5934f2e561e68 Lio, Monchi Monchi Lio Uncertainty, Insurance and the Division of Labor Monash University 2017 1959.1/36374 monash:6992 1996 2017-06-05 05:57:55 Journal contribution https://bridges.monash.edu/articles/journal_contribution/Uncertainty_Insurance_and_the_Division_of_Labor/5073463 This paper provides a general equilibrium model to explore the relationships between transaction risks, transportation costs and division of labor. It is shown that insurance against transaction risks will change the extent of the market, the level of specialization, productivity and the level of division of labor.