This paper examines whether risk-taking in a lottery depends on the opportunity to respond to the lottery outcome …/or extra labor effort. We find strong evidence that ex-post access to labor opportunities reduces ex-ante risk willingness … while access to tax evasion has no effect on risk behavior. We discuss possible explanations for this result based on the …

financial executives, belief distortions on financial markets identify a non-rational risk shock. Surprises in beliefs in credit … the constructed shocks have statistically and economically meaningful effects. A positive non-rational risk shock moves …This paper studies how non-rational risk shocks affect the macroeconomy. Exploiting survey data on expectations of …

premia in Brazil through elevated exchange rate risk …

We discover sentiment-driven equilibria in popular models of imperfect risk sharing. In these equilibria, sentiment …-price declines; (ii) assetprice booms, with below-average risk premia, predict busts and financial crises. Methodologically, our …

endogenous term premium. Using term structure and macroeconomic data, we find sizable effects of uncertainty on risk premia and … analytical decomposition to illustrate how multiple distinct endogenous risk wedges account for these differences. Supply and …