manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

the mean and volatility of equity returns. Our model assumes a small risk of a rare disaster that is calibrated based on … the international data on large consumption declines. We allow the risk of this rare disaster to be stochastic, which …

This paper studies the pricing of volatility risk using the first-order conditions of a long-term equity investor who …

arrangements for shifting risk from workers to employers strengthens the case for accepting the hypothesis that incomplete … analysis shows that the introduction of risk-shifting arrangements into models of incomplete information eliminates the … analysis shows that the apparent fact that workers choose an amount of risk shifting that gives them constant nominal wage …