limitation of possible risk sharing via private contracts. The welfare consequences of a change in the tax system depend on the … relative magnitudes of increased risk sharing forced by the new tax system and the reduced risk sharing in private insurance … less risk sharing among individuals and lower ex-ante welfare …

This paper examines how, in the presence of individual risk, economic efficiency can be achieved without an … unrealistically large number of contingent claims. Market uncertainty is specified in such a way that general types of individual risk … and collective risk are properly accounted for and so that, specifically, market clearing is always satisfied ex post as …

China has turned from a 'low risk' to a 'high risk' society since the start of the market reforms in the late 1970s … exposure and vulnerability to them unequally among different social groups. This paper attempts to apply the risk concept to … this family, and explore the relationships between livelihood, risk, social networks, agency and public policy …