We develop a theory of resource management where the degree to which countries escape the tragedy of the commons is …

In this paper we study the neoclassical growth model with idiosyncratic income risk and aggregate risk in which risk … pay off depending on both idiosyncratic and aggregate risk, but limited commitment rules out that households sell these … conditions under which it has lower/higher risk premia than the corresponding representative agent version of the model …

heterogeneous attitudes towards crash risk. The less crash-averse insure the more crash-averse through the options markets that … literature: the tendency of stock index options to overpredict volatility and jump risk, the Jackwerth (2000) implicit pricing …

in other financial assets. This paper investigates how this aspect of Social Security risk varies across groups of … across groups in this component of Social Security risk, as captured by the sensitivity of individual-level income growth to … changes in the SSWI. This element of risk is most important for women, especially women who are young-to-middle aged and with …

This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of … risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of … ignorance' could share risk with one another through complete Arrow-Debreu contingent-claims markets. The paper then examines …