government's role in promoting risk sharing. Benefits for each retired person may be tied to that person's lifetime income …

This paper examines the risk aspects of an investment-based defined contribution Social Security plan. We focus on the … risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account (PRA … cushion' that protects the individual from the risk of an unacceptably low level of benefits. For example, PRA deposits of 6 …

towards risk. We find that the uncertainty associated with anthropogenic climate change imply carbon taxes much higher than …

We propose and implement a procedure to dynamically hedge climate change risk. To create our hedge target, we extract … hedge portfolios. We discipline the exercise by using third-party ESG scores of firms to model their climate risk exposures … managing climate risk …

number of features including potential tail risk, exogenous and endogenous technological change, and backstop technologies … delay. We decompose the optimal carbon price into two components: expected discounted damages and the risk premium …

In the typical asset market, an asset featuring uninsurable idiosyncratic risk must offer a higher rate of return to … compensate risk-averse investors. A home offers a standard asset's risk and return opportunities, but it also bundles access to … research design will underestimate the valuation of climate risk for households in low-risk cities while overestimating the …