exogenous risk and delegation. That is, we show that only if exogenous risk is sufficiently large, the risk-neutral principal … may prefer to delegate authority over decisions to the risk-averse agent. Intuitively, for incentive reasons, the … principal may optimally want to allow the agent to reduce his risk exposure. Nevertheless, even endogenous risk may be higher …

We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual …-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual …-level, idiosyncratic risk implies that distinct risk-sharing institutions - even those providing the same level of insurance - can lead to …

range of specific outcomes, allowing us to measure uncertainty, assess its driving forces, and compare this measure of … uncertainty with the dispersion of point-estimates among individual forecasters (a measure of disagreement). We also assess the …. Finally we assess the role of risk, finding little evidence that risk-aversion drives a wedge between market prices and …

frictions that allows us to distinguish between different sources of risk and to estimate their effects. The sources of risk are …. Estimates of productivity risk, once we control for employment risk and for individual labour supply choices, are substantially … lower than estimates that attribute all wage variation to productivity risk. Increases in productivity risk impose a …

of religious behaviour towards Theoi in the laboratory. The theory we test is that, when faced with uncertainty …, individuals attempt to engage in a reciprocal contract with the source of uncertainty by sacrificing towards it. In our … uncertainty is lower. The findings imply that under circumstances of high uncertainty people are willing to sacrifice large …

it is due to greater uncertainty faced by agents. Applying the methodology of Cunha, Heckman, and Navarro (2005) to data … predictable and unpredictable components of earnings have increased in recent years. The increase in uncertainty is substantially … greater for unskilled workers. For less skilled workers, roughly 60% of the increase in wage variability is due to uncertainty …

in the type of degree studied can explain an additional 8.4% of the male-female pay gap. Risk-augmented earnings …

although risk can be measured, uncertainty cannot be measured. Even though risk can be measured, a simple symmetric measure … attempt at "measuring" risk or (fundamental) uncertainty is flawed. … surge in the stock market would be self-correcting. Recent papers have discussed the role of "uncertainty" and its …

uninsurable labor income risk, and economic growth in a small open overlapping-generations economy with heterogeneous agents. It …