, we specify a top-down affine factor model in which a catastrophic risk component is incorporated in order to capture the …

or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment …This paper examines households' self-insurance in financial markets when a rare personal disaster, such as disability … choices, even if most workers will not experience a disaster. Uncertainty about the size of human capital losses, which …

We examine how sensitive the new performance indexes incorporating high moments and disaster risk are to disaster risk …. The new performance indexes incorporating high moments and disaster risk are the Aumann-Serrano performance index and … underlying risk. We show, by numerical examples and empirical examples, how sensitive these indexes are to disaster risk …

price, the equilibrium risk-free rate, and risk premia. Climate disasters, which are more likely to occur sooner as … temperature rises, significantly increase risk premia. …