This study examines the effect of smallholder farmers' access to a formal climate risk transfer mechanism on their risk …-purchaser farmers. Similarly, non-purchasers would have attained a significant reduction in their risk-aversion if they had taken up the … insurance product. We also find that WICI has a positive and statistically significant effect on farmers' real-life risk …

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption … risk sharing in tranquil times but that it actually fails to provide international insurance in severe crisis periods …

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 …

degree of pessimism of the representative agent is the mean of the individual ones weighted by their index of absolute risk …