. Moreover, a effective hedge for the income risk is not possible in most of the observed scenarios. -- Protection ; Portfolio … Choice ; Risk Diversication ; Income Risk … particular, the increased uncertainty of future income is considered in the investment behaviour of individuals. The optimal …

guarantees could also amplify a moral hazard problem that induces large banks to take excessive risk. If such risk is mispriced … diversification index to account for complexity, we find robust evidence consistent with mispricing among the most diversified large …