The standard theory of household-portfolio choice is hard to reconcile with the following facts: (i) Households hold a …-cycle model with age-dependent unemployment risk and gradual learning about the income profile that can address all three puzzles …. Young workers, on average asset poor, face larger labor-market uncertainty because of high unemployment risk and imperfect …

affects job search behavior. We look at the effect of wealth at the entry into unemployment on the exit rate from unemployment …

or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment …