Rational models of risk-averse consumers have difficulty explaining limited annuity demand. We posit that consumers … evaluate annuity products using a narrow "investment frame" that focuses on risk and return, rather than a "consumption frame …, exhibiting high risk without high returns. Survey evidence supports this hypothesis: whereas 72 percent of respondents prefer a …

. This result is stronger for organized industries, which further supports the theory. The main theoretical insights and …

importance of risk-weighted capital in prudential regulation have more likely contributed to distorted ratings than the matter of … tools for managing risk. The common narrative is that the value of ratings was compromised by the evolution of the industry …

We present a dynamic general equilibrium model with agency costs where: i) firms are heterogeneous in the risk of … corporate credit risk relative to the US, and when european firms value more than US firms the flexibility and information …

Despite the popularity of price cap regulation in practice, the economic literature provides relatively little guidance … regulation, and when product-specific costs and productivity cannot be measured; (2) when the pricing decisions of the regulated …