macroeconomic model which reproduces this observation. The model predicts that the fiscal multiplier takes conventional values …

The risk of default that business firms face is very significant and differs widely across countries. This paper … explores the links between countries' business conditions and international trade embedment and the default risk at the country … level from a theoretical point of view. Our main contribution is to set up a general equilibrium model which allows us to …

A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in … entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy … forgiving personal bankruptcy law are less relevant for wealthy potential entrepreneurs who still risk losing their wealth, but …

Depression affects the way that people process information and make decisions, including those involving risk and … uncertainty. Our objective is to analyze the way that depressive episodes shape risk preferences and risk-taking behaviors. We are … the first to address this issue using large-scale, representative panel data that include both behavioral and stated risk …

We investigate risk aversion as a driver of labour market discrimination against homosexual men. We show that more … hiring discrimination by more risk-averse employers is consistent with taste-based and statistical discrimination. To test … heterosexual or homosexual job candidate. In addition, participants are surveyed on their risk aversion and other characteristics …

households reduce their financial risk exposure when confronted with background risk. Our novel modelling approach – termed a … deflated fractional ordered probit model – quantifies how the overall asset composition in a portfolio adjusts with background … risk, and is unique in recovering for, any given risky asset class, the shares that are reallocated to a safer asset …

volatility in future income is transferred from risk-averse students to the risk-neutral state. However, a double moral hazard …

There is a large literature estimating Arrow-Pratt coefficients of absolute and relative risk aversion. A striking … equating these to risk aversion measures defined in a mean-variance framework. This paper shows that while the legitimacy of … the mean-variance approach may hold under general conditions the additional assumptions invoked when estimating the risk …

of the distributions of policy-induced gains and losses. It applies to the class of welfare functions which model …