We investigate whether US households possess advance information about their future income and what this means for … requires only panel data on consumption and income. Using the Panel Study of Income Dynamics, we find-in contrast to the … incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …

-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …

This paper applies the dichotomous theory of choice by Zou (2000a) tothe analysis of investmentstrategies and security …

Empirical measures of world consumption growth risk have failed to rationalize the cross-section of country equity … returns. We propose a new factor, termed "the global consumption factor", to explain the patterns in risk premiums on … from 47 developed and emerging market countries over a four-decade period. Our risk factor reflects changes in the cross …

pivotal role of risk attitudes and the schooling gradient of earnings risk. We use Spanish data to document the gradient and … to estimate individual response to earnings risk in deciding on attending university education, by measuring risk as the … risk aversion, the response may be reversed to positive. …