for the observed behavior of the stockmarket? Second, how risk averse are investors in the aggregate?We find that the … less so. Estimates of the index of relative risk aversion are obtained that put that parameter in the range of 3 to 4 …

highly sensitive to uncertainty. We briefly summarize the theory, stressing its empirical implications. We then use cross …-section and time-series data for a set of developing and industrialized countries to explore the relevance of the theory for … - affects investment as the theory suggests, but the size of the effect is moderate, and is greatest for developing countries …

highly sensitive to uncertainty. We briefly summarize the theory, stressing its empirical implications. We then use cross …-section and time-series data for a set of developing and industrialized countries to explore the relevance of the theory for … - affects investment as the theory suggests, but the size of the effect is moderate, and is greatest for developing countries …

In merger analysis and other antitrust settings, risk is often cited as a potential barrier to entry. But there is … little consensus as to the kinds of risk that matter- systematic versus non-systematic and industry-wide versus firm …-specific - and the mechanisms through which they affect entry. I show how and to what extent different kinds of risk magnify the …

I examine the risk/return tradeoff for environmental investments, and its implications for policy choice. Consider a … risk? Using a simple model of a stock externality (e.g., temperature) that evolves stochastically, I examine the … combinations of risk and expected returns as policy objectives. Given cost estimates for reducing risk and increasing expected …