The theoretical literature presumes generational risk is large enough to merit study and that such risk can be … to directly measure generational risk and the extent to which it can be mitigated via financial markets or Social … Security. The model is trend stationary as is common in the literature. It features isoelastic preferences, moderate risk …

We consider four models of consumption that differ with respect to efficient risk-sharing and altruism. They range from … complete markets with altruism to family risk-sharing. We use a matched sample of parents and independent children available … altruism can be decisively rejected, while we fail to reject altruism and hence family risk-sharing for a subset of families …

countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example …, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example …

entrepreneurs to diversify their assets. In discouraging incorporation, the corporate tax taxes business risk-sharing, keeping more … entrepreneurs private and, thus, exposed to more risk. The added risk experienced by these entrepreneurs limits their demands for …