We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States … volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to …

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States … primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of …

specialization, wealth inequality, stock trading intensity, liquidity and return volatility. …

investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … funds dissuades risk averse agents from risky entrepreneural activities. This result opens up the possibility that some … and volatility. …

to farmer investment is uninsured risk: when provided with insurance against the primary catastrophic risk they face … basis risk associated with the index insurance, and with imperfect trust that promised payouts will be delivered. …

their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. We … that, contrary to what they profess, macroeconomic and political risk is not inhibiting the investment behavior of …

phenomenon based on trading constraints and asymmetric information. A key feature of our theory is that rational uninformed …

and volatility in contrast to the exogenously assumed constant mean and volatility in many credit risk models. We consider … attenuated (amplified) market volatility and risk premium, but the market value is always higher in economic downturns, and lower …, borrowers take on less risk exposure than non-borrowers. A larger risk exposure by borrowers may occur as well, however …