greater aversion to uncertainty. Higher systematic risk, and thus higher uncertainty, can generate local welfare improvements … by decreasing aggregate risk in equilibrium. Agents that contribute the most to aggregate risk maximize the product … between a measure of individual incentives to take up risk and their out-degree network centrality …

Do WTO commitments reduce the risk of trade policy reversals? To address this question, we rely on the theoretical …

assessment model (IAM) with long-run risk, adapting methods from the asset pricing literature to deal with endogenous climate … risk. The model solves in closed-form for general degrees of risk aversion, stochastic climate feedbacks, and a stochastic …