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 …

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

In a partial equilibrium setting without price uncertainty, the balanced-budget substitution of an ad valorem tax on … competitive market characterised by uncertainty about the commodity price, if firms can respond to the revelation of demand …

-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 …

uncertainty has evolved since Mirrlees' original contribution. The literature on the income tax as a social insurance device is … more limited. It has largely assumed that households are ex ante identical so unequal earnings are due to uncertainty alone …. We provide a general treatment of the optimal income tax under uncertainty when households differ in ability. We …

Applying a framework of perfect competition under uncertainty, we contribute to the discussion of whether or not ad … valorem taxes and specific taxes are equivalent. While this equivalence holds without price uncertainty, we show that ad … valorem taxes and specific taxes are “almost never” equivalent in the presence of uncertainty if we demand equivalence to hold …

with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter …. Major results include that growth, inequality, and risk are positively related in our model, but we also identify a hump …–shaped relationship between welfare and risk, indicating a tradeoff relationship between risk–pooling and growth in the determination of …