Uncertainty, Insurance and the Division of Labor Lio, Monchi 10.4225/03/5934f2e561e68 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. 2017-06-05 05:57:55 1959.1/36374 monash:6992 1996