This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We … consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate …

We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs … resulting from an increased risk exposure. We find that when the shock distribution displays “fat” tails, extreme segmentation …

In higher education, pure credit market funding leads to underinvestment due to insufficient risk pooling, while pure …

Environmental regulations have consistently been found to spur innovation in ‘clean' technologies, with one significant … effect on innovation. Several explanations have been offered, including secondary market failures and a lack of polluter …, contrary to past experience, encouraged innovation rather than adoption. I discuss how these contrasting findings can be …

We empirically investigate whether the persistence of politicians in political institutions affects the innovation …' innovation activity. However, once the causal effect is isolated by means of instrumental variables, using death of politicians … persistence and the probability of process innovation. This finding is consistent with the view that political stability may …

commitment for the whole time horizon of infrastructure or innovation investments is impossible. The compatibility of incentive …

the period 1972:1-2014:12 to forecasts our tail risk indicators with each model in pseudo-real time. Our key finding is …