| This dissertation examines the economic dimensions of risk in sex work in Managua, Nicaragua, to understand the ways sex workers manage risk in a variety of workplaces. The research is oriented around two key questions. First, how do sex workers make decisions about risk-taking to their health, safety and economic well-being? Second, how do workplace conditions affect the risks women take, and the compensation they can demand for them?;The analysis draws on a formal survey of 138 sex workers, 23 long interviews with sex workers, and 90 hours of observation in various indoor and outdoor commercial sex settings. I have followed a feminist-activist approach, collaborating with sex workers in the design and implementation of the research, and sharing results with them. I find that while health risks are a significant concern, the risk of violence weighs much heavier in decision-making. These preferences are reflected in the premiums charged to unprotected sex (39 percent more for vaginal sex without a condom) as compared to risks of violence, such as accompanying a client to a place they do not know well (118 percent) or going with more than one client at a time (a premium of 123 percent). I find also that workplace mediates the relationship between risk and reward by affecting sex worker bargaining power, resulting in significant differences among risk-taking behavior and premiums charged at different sites.;The analysis helps move debates about sex work beyond issues of criminalization and public health to discussions of employment, human rights, gender equity and economic security. I argue that sex workers can be essential allies in policies to address the most exploitative elements of the sex trade, including gender-based violence, economic exploitation and the spread of HIV/AIDS, when they are sufficiently empowered to protect themselves. My findings underscore the need for the full participation of sex workers in the design and implementation of policies that affect them, and for interventions targeted by workplace. |