Insurance induces a well-known tradeoff between the welfare gains from risk protection and the welfare losses from … the tradeoff simultaneously, allowing for a relationship between moral hazard and risk protection. An important feature of …, and stoplosses that alter moral hazard as well as risk protection relative to no insurance. I illustrate the properties of …

information concerning product risk, and mandatory and voluntary disclosure rules are equivalent …

dominate, in that public releases increase uncertainty about fundamentals. In some cases, public releases can create or …

This paper proposes a simple index of the welfare significance of uncertainty in the public goods resulting as policy … function of the coefficient of relative risk aversion, the variance in the measure of environmental service associated with …

International consumption risk sharing studies have largely ignored their models' counterfactual implications for asset … returns although these returns incorporate direct market measures of risk. In this paper, we modify a canonical risk … variance of equity returns and the risk-free rate requires persistent consumption risk, leading to three main findings: (1 …

structure is relevant in many applications. We develop the theory underlying optimal menus of non-linear schedules and prove …

Uncertainty about the timing of retirement is a major financial risk with implications for decision making and welfare … retirement dates ranges from 4.28 to 6.92 years. We develop a quantitative model to assess the impact of this risk. Individuals … would give up 2.6%-5.7% of total lifetime consumption to fully insure this risk and 1.9%-4.0% of lifetime consumption simply …

, survival ambiguity is welfare improving because it allows competitive insurance companies to pool risk across survival types …