-probability extreme events on environmental policy in a continuous-time real options model with “tail risk”. In a nutshell, our results … indicate the importance of tail risk and call for foresighted pre-emptive climate policies …

ex ante identical households and the no-risk case with heterogeneous abilities come out as special cases …

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 …

Why are better educated and more risk-friendly persons more mobile across regions? To answer this question, we use … patterns. Our findings indicate that risk-loving and skilled people are more mobile over longer distances because they are more … distance-related migration costs cannot explain the lower distance sensitivity of educated and risk-loving individuals …

This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster … is consistent with prospect theory predictions of the adoption of a risk-seeking attitude after a loss …