maximizes the utility of the representative agent at that time. We embed a number of features including tail risk, the potential …-impact outcomes, our calibration allows us to decompose the SCC into the expected damages and the risk-premium. In contrast to most … only a small risk premium, the deadweight loss in utility associated with delaying the implementation of optimal pricing by …

.S transit agencies with transit agencies in Germany and the United Kingdom. We study U.S urban public sector energy efficiency …

In this paper, we empirically assess the causal links between trade and individual income risk and study the role that … human capital plays in this relationship using a rich, worker-level, longitudinal data set from Germany spanning 1976 to … 2012. Our estimates suggest substantial heterogeneity in labor income risk across workers in different entry cohorts and …

. In the process we integrate a Conditional Value at Risk (CVaR) restriction on overall plan costs into the pension manager …

risk. This study develops the concept of "political risk" as the possibility that some future legislature will be forced to … and macroeconomic variables that support it. Thus there is a "political risk" to participants that might be compared to … the "market risk" in a personal accounts retirement scheme. In this paper, we carry out a detailed quantitative analysis …

Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within … such a model, surprise increases of risk lead to a wait-and-see policy for investment at the firm level and a decrease in … the size of firm-level risk fluctuations. We find that time-varying firm-level risk on its own is unlikely to be a major …