We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …

. The evidence supports the predictions of our model, most notably that investor learning about manager ability weakens when … to the resultant sluggish learning process …

intervals by OLS. In this context, changes in the perception of market risk can trigger volatility and bubbles. Consequently …, higher degrees of risk response among traders can have a destabilizing effect on price dynamics. We consider the interaction … of this effect with memory, the speed of learning, and the nature of the forecasting rules …

relationship between inequality of entitlements, mortality risk, and the size of redistribution in a stylized social security … system. We find that mortality risk, when negatively correlated with entitlements, significantly lowers subjects' willingness …

We examine the effects of parameter uncertainty and Bayesian learning on equilibrium asset prices when all the … a parsimonious set of prior parameters, the model generates a sizeable equity premium and a low risk-free rate even with … a power utility function, low risk aversion, and absence of persistence in growth rates. Raising the prior uncertainty …

Observational learning is typically examined when agents have precise information about their position in the sequence … individuals and receive a private signal about the state of the world. We show that social learning is robust to position … uncertainty. Under any sampling rule satisfying a stationarity assumption, learning is complete if signal strength is unbounded …