aggregate shocks are insurable has not been sufficiently investigated. We present a simple two-period general equilibrium model … to show the conditions under which insurance against aggregate shocks works in an economy with constant … theoretical investigation clarifies that only when agents are heterogeneous in their ability or initial wealth can aggregate …

A growing body of work has shown that aggregate shocks affect the formation of preferences and beliefs. This article … reviews evidence from sociology, social psychology, and economics to assess the relevance of aggregate shocks, whether the … conclusions emerge consistently across the reviewed papers. First, aggregate shocks impact many preferences and beliefs, including …

general dynamics and are uniformly valid over the degree of signal-tonoise of aggregate shocks. We show that the regression …

aggregate shocks are insurable has not been sufficiently investigated. We present a simple two-period general equilibrium model … to show the conditions under which insurance against aggregate shocks works in an economy with constant … theoretical investigation clarifies that only when agents are heterogeneous in their ability or initial wealth can aggregate …

general dynamics and are uniformly valid over the degree of signal-tonoise of aggregate shocks. We show that the regression …