theory, strengthening the link between matching theories and earlier human capital analyses …

implications of risky behaviors by youths. I begin by reviewing perspectives on youth risk-taking from traditional rational … risk-taking by youths, and how this compares to adults. I review the evidence on youth risk taking from the studies in this … risk taking by youths, (b) despite this, these factors are not very successful in predicting the dramatic time series …

different facets of this fact. We finally explain what the cumulated evidence means for macroeconomic theory. There is little …

In absence of insurance contracts to share risk, public information is a double-edged sword. On the one hand, it … empowers self-insurance as agents better react to shocks, reducing risk. On the other hand, it weakens market-insurance as … common knowledge of shocks restricts trading risk. We embody these two faces of information in a single general …

Rational models of risk-averse consumers have difficulty explaining limited annuity demand. We posit that consumers … evaluate annuity products using a narrow "investment frame" that focuses on risk and return, rather than a "consumption frame …, exhibiting high risk without high returns. Survey evidence supports this hypothesis: whereas 72 percent of respondents prefer a …