government risk facing investors in medical innovation. This risk slows down medical innovation because investors must be …&D investors to better share the pipeline risk associated with FDA approval with broader capital markets. Using historical FDA … from offering them. Using various unique data sources, we find that FDA approval risk has a low correlation across drug …

model of risk-selection in such settings. Capitation incentivizes insurers to retain low-cost clients and thus improve their …

Insurance induces a well-known tradeoff between the welfare gains from risk protection and the welfare losses from … the tradeoff simultaneously, allowing for a relationship between moral hazard and risk protection. An important feature of …, and stoplosses that alter moral hazard as well as risk protection relative to no insurance. I illustrate the properties of …

with greater wealth-at-risk are more likely to hold health insurance. The implicit insurance from bankruptcy distorts the …

Typical value-at-risk (VAR) calculations involve the probabilities of extreme dollar losses, based on the statistical … VAR values that are adjusted for risk aversion, time preferences, and other variations in economic valuation. In the … context of a representative agent equilibrium model, we construct an estimator of the risk-aversion coefficient that is …

bonds, greater risk-bearing capacity in the U.S. than the rest of the world, and nominal rigidities. A flight to safety … generates a dollar appreciation and decline in global output. Dollar bonds thus command a negative risk premium and the U ….S. holds a levered portfolio of capital financed in dollars. We quantify the effects of safety shocks and heterogeneity in risk …

these rejections are in part a consequence of the presence of omitted risk factors which are associated with nonzero risk … model should partially reflect exposure to these omitted sources of systematic risk and,hence, should help explain expected … residual risk effect in the previous literature:(1) nonlinearity of the residual risk effect and (2) the inadequacy of the …

the seriousness of this type of risk in the current United States situation are presented. Sufficient conditions on the … structure of the economy for such intergenerational risk pooling to be mutually beneficial to all members of society are derived …

banks to pursue safer investments in low-risk government securities …

We develop a model of pandemic risk management and firm valuation. We introduce aggregate transmission shocks into an …