decision theory to characterize when learning or discriminating among competing probability models is challenging. I also use … choice theory under uncertainty to explore the ramifications of model uncertainty and learning in environments in which … underpinnings of asset pricing models. I illustrate how statistical ambiguity can alter the risk-return tradeoff familiar from asset …

benefits of risk reduction, leaving systems with more frequent adjustments that spread risks broadly among generations as those …

may serve as an effective tool to share aggregate risk between generations. Our quantitative analysis shows that, first … social security does indeed represent a Pareto improving reform, if households are both fairly risk-averse and fairly willing … overturns these gains for degrees of risk aversion and intertemporal elasticity of substitution commonly used in the literature …

implications for the allocation of risk between generations. There is no reason to presume that the market or the family can … allocate risk efficiently to future generations, implying that stochastic government policies have the potential to create …

-generational transmission of wealth. Financial markets are incomplete, exposing agents to both labor income and capital income risk. We show … that the stationary wealth distribution is a Pareto distribution in the right tail and that it is capital income risk …