because government takes part of the risk from individual properties and diversifies it away. Measures to disallow property … tax or mortgage interest deductions do not help share this risk. Simulations of actual tax reform indicate a small shift … from rental to owner housing, and welfare gains from re-allocating risk …

This paper explores the portfolio behavior of investors differing with respect to both tax rates and risk …

This paper develops an overlapping generations model of optimal rebalancing where agents differ in age and risk … directions, an aggregate risk tolerance effect that depends on the distribution of wealth, and an intertemporal hedging effect …. After a negative macroeconomic shock, relatively risk tolerant investors sell risky assets while more risk averse investors …

This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of … risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of … ignorance' could share risk with one another through complete Arrow-Debreu contingent-claims markets. The paper then examines …

and conditional heteroskedasticity of exchange rates and on the behavior of foreign exchange risk premiums. The model …

model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions …