James M. and Cathleen D. Stone Centre for the Study of Wealth Inequality




Our Mission

Income and wealth inequality is recognised as one of the most critical issues of our day, yet its dynamics, causes and consequences are not fully understood. The James M. and Cathleen D. Stone Centre for the Study of Wealth Inequality was founded in 2017 to address this need and serve as the leading venue for the research and teaching of income and wealth inequality issues.

By convening an interdisciplinary team of scholars from across INSEAD, the Centre aims to generate new insights about inequality problems and harness the power of business to solve them. It connects the lab with the classroom to ignite new ideas; spur discourse and debate; shape business education; and inspire leaders to take action.

Our mission is two-fold: We’re committed to generating new insights about income and wealth inequality problems, and focused on mobilising the next generation of business leaders to solve them. 

Mark Stabile
Academic Director, The James M. and Cathleen D. Stone Centre for the Study of Wealth Inequality
Professor of Economics
Stone Chaired Professor in Wealth Inequality 

Our Approach 


Our team strives to gain a deeper understanding of the dynamics, causes and consequences of income and wealth inequality; contribute to the intellectual debate surrounding income and wealth inequality; and educate current and future business leaders about the issues and implications of income and wealth inequality. To that end, we are focused on taking a novel approach the study of income and wealth inequality. We examine the impact of the top of wealth and income distributions in countries and communities around the world and then transfer those insights to the INSEAD classroom. Through the creation of new courses and curriculum at INSEAD, we hope to change how MBA students think about - and potentially solve - income and wealth inequality problems. 



To gain a more comprehensive picture of income and wealth inequality, our research team will examine it from a number of different angles while focusing specifically on problems created by rapid growth in the income and wealth held by the top 1%. We’ll study countries and communities across the globe, drawing upon macro-level data to better understand country-specific trends while looking at micro-level data to understand what’s happening at the level of the individual. In addition to looking at the impact of income and wealth inequality on different countries’ support systems or structures, we will explore how certain countries have successfully addressed or solved problems of wealth inequality.



We believe that tackling the problem of income and wealth inequality requires the cooperation and ingenuity of business leaders from around the globe. As a top business school with global reach, INSEAD is ideally equipped to bring this vision to reality. We have the opportunity to educate the next generation of business leaders — the individuals most likely to create or represent the top 1% of wealth holders in the future — about the challenges of income and wealth inequality and their potential role in solving them.   

Research and Publications


In The Spotlight


Events and Seminars


Maripier Isabelle
Postdoctoral Researcher, INSEAD Stone Centre for the Study of Wealth Inequality
April 2019

INSEAD Stone Centre Seminar



Eliana La Ferrara
Fondazione Romeo ed Enrica Invernizzi Chair in Development Economics, Bocconi University

April 3, 2019

Abstract: We test the effectiveness of an entertainment education TV series, MTV Shuga, aimed at providing information and changing attitudes and behaviors related to HIV/AIDS. Using a simple model we show that “edutainment” can work through an ‘individual’ or a ‘social’ channel. We conducted a randomized controlled trial in urban Nigeria where young viewers were exposed to MTV Shuga or to a placebo TV series. Among those exposed to MTV Shuga, we created additional variation in the ‘social messages’ they received and in the people with whom they watched the show. We find significant improvements in knowledge and attitudes towards HIV and risky sexual behavior. Treated subjects are twice as likely to get tested for HIV eight months after the intervention. We also find reductions in STDs among women. These effects are stronger for viewers who report being more involved in the narrative, consistent with the psychological underpinnings of “edutainment”. Our experimental manipulations of the social norm component did not produce significantly different results from the main treatment. The ‘individual’ effect of “edutainment” thus seems to have prevailed in the context of our study.

Brendan M. Price
Assistant Professor of Economics, University of California, Davis

March 20, 2019

Abstract: Economic activity is highly seasonal. We show how seasonal fluctuations in aggregate employment induce earnings volatility for individual workers and households. To do so, we introduce a novel measure of seasonal work interruptions premised on the idea that seasonal workers are likely to exit from employment at the same time each year. We show, in two panel datasets on US households spanning 1984-2013, that a disproportionate number of prime-age workers experience recurrent job separations spaced exactly 12 months apart. Annually recurrent separations are most common in months when aggregate employment is declining; are concentrated in industries subject to seasonal shifts in labor demand; and exhibit a negative skill gradient, especially among men. Using machine-learning tools to identify the subset of job separators most likely to experience a repeat separation 12 months later, we track the evolution of personal earnings and household income before and after probable seasonal work interruptions. Seasonal workers incur large earnings losses during the off-season. These earnings losses are (i) driven primarily by recurrent separations from the same employer; (ii) not recouped in other firms or industries; (iii) partially offset by the receipt of unemployment insurance; and (iv) exacerbated by concurrent reductions in spousal employment and earnings. On net, there is little if any offsetting of seasonal earnings losses among modern US households.



Dylan Glover
Postdoctoral Researcher, INSEAD Stone Centre for the Study of Wealth Inequality
November 2018

INSEAD Stone Centre Seminar

Ignacio Flores Beale
Postdoctoral Researcher, INSEAD Stone Centre for the Study of Wealth Inequality
October 2018

INSEAD Stone Centre Seminar

Geneva Locke, MBA July 2018
Presentated at the MBA World Summit 2018 in Cape Town, South Africa
March 2018

For more details, click here.

Anh Nguyen
PhD Candiate in Economics, Columbia University
January 17, 2018

Abstract: This paper explores the use of bundling to reduce adverse selection in insurance markets and its application to social health insurance programs. When the choice to buy health insurance is made at the household level, bundling the insurance policies of household members eliminates the effect of adverse selection within a household since the household can no longer select only sick members to enroll. However, this can exacerbate adverse selection across households, as healthier households might choose to drop out of the insurance market. The net effect of this trade-off depends on the characteristics of the household demand for medical care and risk preferences. I explore this issue using individual survey data on insurance enrollment and medical spending in Vietnam that contain detailed information about the structure of the household. The reduced-form evidence suggests that income, own-price and cross-member substitution effects play important roles in the demand for medical care, which affects a household’s selection of members into insurance. I then develop and estimate a model of household insurance bundle choice and medical utilization that accounts for these features. The results suggest that much of the adverse selection is concentrated within the household. Counterfactual analysis reveals that under optimal pricing, household bundling yields significantly higher consumer surplus and insurance enrollment than individual purchase. Furthermore, the insurance market is less susceptible to complete unraveling under household bundling.

Professor Esther Duflo
The Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics, The Massachusetts Institute of Technology
December 6, 2017

Overview: Esther Duflo research seeks to understand the economic lives of the poor with the aim to help design and evaluate social policies. In her paper Esther Duflo argues that economists should think of themselves more as plumbers who lay the pipes and fix the leaks, ready to get their hands dirty and to adjust to details when it comes to the policy implementation process. Join us for this public lecture in which Esther Dufo will speak about her vision  on how economists should seriously engage with "plumbing", in the interest of both our business and our society.

Professor Esther Duflo
The Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics, The Massachusetts Institute of Technology
December 6, 2017

Abstract: In 2008, 682 secondary school scholarships were awarded by lottery among 2,064 Ghanaian students (aged 17 on average) who were admitted to a specific school and track but could not immediately enroll, in most cases due to lack of funds. We use follow-up data collected until 2016 to document downstream impacts by age 25. For the whole sample, scholarship winners were 26 percentage points (55%) more likely to complete secondary school, obtained 1.26 more years of secondary education, scored an average of 0.15 standard deviations greater on a reading and math test, and adopted more preventative health behavior. Women who received a scholarship had 0.217 fewer children by age 25. Scholarship winners were also 3 percentage points (30%) more likely to have ever enrolled in tertiary education. Despite the fact that they were 2.5 percentage points more likely to be enrolled in school at the time of the last survey, they were 5.5 percentage points (10%) more likely to have positive earnings and had significantly higher (hyperbolic sine) earnings. For students admitted to vocational tracks (comprising 60% of the sample) scholarships did not increase tertiary education, which simplifies the interpretation of labor market outcomes. In this subsample, scholarships increased the likelihood of earning money by 8.8 percentage points (16%) and increased total earnings by 19%. The estimated financial rate of return to education in this subsample is 13%. For students admitted to academic majors, scholarships increased the chance of having enrolled in tertiary education by 5.3 percentage points on a base of 11 percent. This effect is driven overwhelmingly by women, who nearly double their rate of tertiary enrollment and fully catch up with men. We cannot reject the hypothesis that among those admitted to academic tracks, scholarships did not affect average labor market participation and earnings by age 25, but since more scholarship winners than non-winners were still in school as of 2016, it is too early to definitively assess labor market impacts in this population.

MBA Elective Courses


Research insights generated by the Centre directly inform our pedagogy on the topic of income and wealth inequality at INSEAD. The current course offering is listed below.

Meet our Team


Ridhima Aggarwal

The Salmon and Rameau Associate Director

Clément Bellet

Postdoctoral Fellow

Morten Bennedsen

Professor of Economics and Political Science

The André and Rosalie Hoffmann Chaired Professor of Family Enterprise

Andrea Canidio

Stone Fellow

Pushan Dutt

Professor of Economics and Political Science
The Shell Fellow of Economic Transformation

Ignacio Flores

Postdoctoral Research Fellow

Dylan Glover

Postdoctoral Researcher

Birthe Larsen

Associate Professor of Economics, Copenhagen Business School

Ilian Mihov

Dean of INSEAD
Professor of Economics
The Rausing Chaired Professor of Economic and Business Transformation

Alexandra Roulet

Assistant Professor of Economics

Kaisa Snellman

Assistant Professor of Organisational Behavior

Isabelle Solal

Postdoctoral Research Fellow

Mark Stabile

Academic Director

Professor of Economics

Stone Chaired Professor in Wealth Inequality

INSEAD activities in the field of wealth inequality were initiated thanks to a founding contribution from James M. and Cathleen D. Stone. Their support inspires and empowers INSEAD faculty, students and alumni around the globe, and is gratefully acknowledged. 




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