well as heterogenic risk concentration. There is an assumption that economic systems have different orders for both the …

We derive the optimal portfolio for an investor with increasing relative risk aversion in a complete continuous …-time securities market. The IRRA assumption helps to mitigate the criticism of constant relative risk aversion that it implies an …

To effectively cope with an unexpected, large, and negative income shock, I propose a life-cycle model for income risk … generalizing the Arrow-Debreu price with income risk premium …

holdings for young households. Moreover, countercyclical earnings risk quantitatively affects savings and portfolio choice …I show that countercyclical earnings risk alone can cause countercyclical consumption risk and generate moderate stock … risk and investigate how consumption risk and households' portfolio allocations and consumption change in response to …

-Bewley-Huggett framework augmented to include fertility decisions and infertility risk. Building on Becker and Tomes (1976), I model fertility … earnings risk lead to a postponement in births by young households, and are associated with a decline in the total number of … births. The linkage between earnings risk and fertility patterns highlights the important role that labor market conditions …

when households have preferences with high labor supply elasticity, make dynamic savings decisions, and policies have … labor productivity risk, show that it has a wealth distribution that matches the data well, and then use it to characterize …

when households have preferences with high labor supply elasticity, make dynamic savings decisions, and policies have … labor productivity risk, show that it has a wealth distribution that matches the data well, and then use it to characterize …

plans typically must fund spending from accumulated savings. This leads to the risk of depleting these savings, i ….e.portfolio depletion risk. We analyze the management of this risk through life cycle optimal dynamic asset allocation, including the … objective functions are tested and compared. We focus on the risk of portfolio depletion at the terminal date, using such …