extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the … changes in risk to fluctuations in aggregate consumption and (d) the significant impact of incomplete markets on aggregate …

expenditure. We find support for these predictions in three field experiments that randomly assign reminders to new savings …

withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of …

risk aversion, we find that consumer behaviour changes strikingly over the life-cycle. Young consumers behave as buffer …

representative agent’s coefficient of relative risk aversion to vary with the underlying economy’s growth rate. Existence of … risk aversion, the equilibrium risk free and risky security returns are demonstrated to have volatilities and an associated …

This Paper analyses dynamic equilibrium risk sharing contracts between profit-maximizing intermediaries and a large … the agent with an intermediary. We then show that our contract economy is equivalent to a consumption-savings economy with … not sustainable, even though a risk allocation superior to autarky can be achieved. …