Empirical work testing for a negative tradeoff between risk and incentives, a cornerstone of agency theory, has not had … much success. Indeed, the data seem to suggest a positive relationship between measures of uncertainty and incentives … uncertainty on incentives through the allocation of responsibility to employees. When workers operate in certain settings, the …

's systematic equity risk and falls with the firm's unsystematic equity risk. Further, an increase in the firm's total equity risk … is associated with a fall in q. The negative relation between the change in total risk and the change in q is robust …

implications of risky behaviors by youths. I begin by reviewing perspectives on youth risk-taking from traditional rational … risk-taking by youths, and how this compares to adults. I review the evidence on youth risk taking from the studies in this … risk taking by youths, (b) despite this, these factors are not very successful in predicting the dramatic time series …

Typical value-at-risk (VAR) calculations involve the probabilities of extreme dollar losses, based on the statistical … VAR values that are adjusted for risk aversion, time preferences, and other variations in economic valuation. In the … context of a representative agent equilibrium model, we construct an estimator of the risk-aversion coefficient that is …

) cases, these robust policies are more aggressive than the optimal policies absent model uncertainty. The specific robust … policies depend strongly on the formation of model uncertainty used, and we make some suggestions about which formulation is …

objective in this paper is to understand how fundamental uncertainty can affect the long run growth rate, and what are the … when we move from a world of perfect certainty to one with uncertainty that resembles the average uncertainty in a large …

matching environment. Among other results, we show how risk and search cost are associated with the propensity to start small …

This paper explores optimal fiscal policy in an overlapping-generations general-equilibrium model under uncertainty and …