-household income insurance mechanism strongly biases upward the welfare losses from idiosyncratic wage risk as well as the desired …

college education that mitigate this risk: (i) college students can quit without completing four-year degrees after learning …

In this paper, we empirically assess the causal links between trade and individual income risk and study the role that … 2012. Our estimates suggest substantial heterogeneity in labor income risk across workers in different entry cohorts and …-industry changes in imports and exports are causally related to income risk: Imports increase risk and exports decrease risk, and they …

of the world, individuals acquire skill; however outside investors and individuals inefficiently share risk. We show that … economy enters an endogenous disaster state. We show that the possibility of these disaster states distorts risk prices, even …

risk of fatal hazards is fraught with problems. The theoretical basis for such estimates are flawed in a number of …