This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … thus lowers the benefits of risk-sharing. Higher illiquidity then may justify higher levels of risk sharing to compensate …

I examine financial literacy — specifically knowledge of risk — using data from surveys in the United States and other … countries. I show that risk literacy is very low; the majority of individuals lack knowledge of concepts such as risk … diversification and do not understand the relationship between risk and return. Findings are strikingly similar across countries; a …

investors carry power market risks, in particular the power price risk. At the same time however, under the current financial … endanger further deployment and the achievement of renewable targets with it. Against this background we take a risk … perspective to assess the past and upcoming EEG reforms, with the aim of developing a proposal to gradually shift risk towards RE …