This paper studies the issue of moral hazard in the presence of decentralized international risk sharing.In the model … presented, risk sharing is achieved through macro markets (markets in which claims to the GDP of a country can be traded …).Moral hazard arises for the following reason: if foreigners hold claims to domestic GDP due to risk sharing motives, the country …

homogeneous goods market with non-lumpy investments. In our model, inefficient entry decisions are the result of risk-aversion of … incumbent producers and consumers, combined with incomplete financial markets which limit risk-sharing between market actors …. Investments in productive assets affect the distribution of equilibrium prices and quantities, and create risk spillovers. From a …

ethical issues is likely to destroy shareholder value. Furthermore, the risk-adjusted returns of SRI funds in the US and UK …

annuity risk at retirement. Optimally, the investor allocates wealth at retirement to nominal, inflation-linked, and variable … structure variables and risk premia significantly improves the optimal annuity choice, ii) restricting the annuity menu to … the optimal investment strategy before retirement induced by the annuity demand due to inflation risk and time …