to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and …

assumption of (intertemporal) risk neutrality reduces the growth effect in social discounting and significantly amplifies the … importance of risk and correlation. Second, debate and models largely overlook the difference in attitude with respect to risk … and with respect to non-risk uncertainty. The paper derives the resulting changes of the risk-free and the stochastic …

period 2006-2012. Using a large administrative dataset at the household level we estimate how home equity and the outstanding … and endogeneity into account. In our preferred specifications both home equity and the household's amount of mortgage debt …

How to incorporate hard-to-measure assets into the wealth tax? We analyze the effect of an optimal wealth tax on risk …, actually larger than the risk-free market rate of return. The market equilibrium and a proportional tax on the market portfolio … will ensure an efficient risk allocation between private and public consumption and across projects. Failing to apply an …

a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that … permit a more comprehensive risk evaluation. These preference representations differ regarding the consistency requirements …

We use data on insurance deductible choices to estimate a structural model of risky choice that incorporates 'standard …' risk aversion (diminishing marginal utility for wealth) and probability distortions. We find that probability distortions … important role in explaining the aversion to risk manifested in deductible choices. This finding is robust to allowing for …

the magnitude of the optimal paygo program and the nature of the underlying risk sharing effects are very sensitive to the … chosen combination of risk concepts and stochastic specification of long run aggregate wage income growth. In an additive way … we distinguish between the pooling of wage and capital risks within periods and two different intertemporal risk sharing …

empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss … rules shift some risk to the government; and second, the tax rate has a positive effect on risk-taking for firms that expect …