Our understanding of risk preferences can be sharpened by considering their evolutionary basis. The existing literature … has focused on two sources of risk: idiosyncratic risk and aggregate risk. We introduce a new source of risk, heritable … risk, in which there is a positive correlation between the fitness of a newborn agent and the fitness of her parent …

I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs … consumption-share increases; (b) the wealth-share of high risk-tolerant households increases; (c) richer households' wealth … risk sharing. Higher uncertainty increases stock prices, risk premiums, volatility, wealth inequality and the dispersion of …

I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs … consumption-share increases; (b) the wealth-share of high risk-tolerant households increases; (c) richer households' wealth … risk sharing. Higher uncertainty increases stock prices, risk premiums, volatility, wealth inequality and the dispersion of …

I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs … consumption-share increases; (b) the wealth-share of high risk-tolerant households increases; (c) richer households' wealth … risk sharing. Higher uncertainty increases stock prices, risk premiums, volatility, wealth inequality and the dispersion of …

I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs … consumption-share increases; (b) the wealth-share of high risk-tolerant households increases; (c) richer households' wealth … risk sharing. Higher uncertainty increases stock prices, risk premiums, volatility, wealth inequality and the dispersion of …

This paper provides evidence that domestic opportunities to share risk have contributed to slower growth. We first … provide a simple model economy that demonstrates how a country's ability to diversify risk is linked to its growth rate. In … domestic opportunities to diversify risk and growth. We employ two econometric procedures: (1) traditional instrumental …

the economy is private information: a household's idiosyncratic productivity shock is not observable by others. Risk …The author examines the impact of incomplete risk-sharing on growth and welfare. The source of market incompleteness in …-sharing between households occurs through long-term contracts with intermediaries. The author finds that incomplete risk-sharing tends …

relative risk aversion or decreasing absolute risk aversion, we prove that (1) the fact that growth is uncertain reduces the …

This study investigates the role of insurance in economic growth on a panel of forty-eight countries in Africa for the … period 2004-2014. The research question the study seeks to answer is the following: what thresholds of insurance penetration … positively affect economic growth in Africa? The empirical evidence is based on Generalized Method of Moments. Life insurance …