labor income risk, calibrating a (wrong) representative agent model results in overstating the equilibrium riskfree rate and … in understanding the equilibrium equity premium if the utility function exhibits decreasing absolute risk aversion and … advanced conjecture that non-traded risk contributes to the solution of the riskfree rate and equity premium puzzles …

capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor …, which we call "displacement risk.'' This risk helps explain several empirical patterns, including the existence of the … growth-value factor in returns, the value premium, and the high equity premium. We assess the magnitude of displacement risk …

-financed unemployment insurance. The key element in the analysis is that unemployment insurance is more attractive than risk shifting as a … way for workers to obtain income during unemployment. The paper also analyses the effects of risk shifting and … analysis focuses on the interaction between contractual arrangements for shifting risk from workers to employers and tax …

Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search … volatility of risk-free rates. We propose a model that is immune to these critiques and solves this puzzle by allowing for … preferences that generate time-varying risk over the cycle, and so account for observed asset pricing fluctuations, and for human …

of idiosyncratic risk. We study this burden in the case of high-tech companies funded by venture capital. Over the past … attracting venture funding. Entrepreneurs with a coefficient of relative risk aversion of two and with less than $0.7 million ….4 million and the possibility of payoffs over $1 billion. We conclude that startups attract entrepreneurs with lower risk …

In this paper we test for the existence of compensating differentials for unemployment risk in an era before … unemployment insurance. Using information gathered from manufacturing worker surveys conducted during the 1880s in New Jersey, we … find that workers who faced higher probabilities of predictable unemployment spells received a small compensating …

This paper documents two COVID-related risks, viral risk and employment risk, and their distributions across the … Canadian population. The measurement of viral risk is based on the VSE COVID Risk/Reward Assessment Tool, created to assist … women are more concentrated in high viral risk occupations and that this is the source of their greater employment loss over …

adjustment costs can cause a mean-preserving increase in unemployment risk to lead to increased consumption. The predictions of … risk as their unemployment shocks are more highly correlated. Such couples spend more on owner-occupied housing than other … usual relationship between risk and consumption. In particular, we present a model where the presence of plausible …

productivity risk is greater than the value of unemployment insurance which provides (partial) insurance against employment risk … frictions that allows us to distinguish between different sources of risk and to estimate their effects. The sources of risk are … variability due to shocks from variability due to the responses to these shocks. Estimates of productivity risk, once we control …

(1990-2007) to explore the relationship between the risk of unemployment and the consumption of various healthy and … unhealthy foods. Estimates, based on fixed effects methodologies, indicate that a higher risk of unemployment is associated with … stratifications and by isolating the effect for those predicted to be at highest risk of unemployment based on their socio …