The theoretical literature presumes generational risk is large enough to merit study and that such risk can be … to directly measure generational risk and the extent to which it can be mitigated via financial markets or Social … Security. Depending on our yardstick, generational risk, whether across non-overlapping generations or across overlapping …

countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example …, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example …