models are more likely to have generated the data. In particular, despite its generality, a model with both risk aversion and …

models with shared risk and production. It was prompted by the accidental discovery that, if made more precise, the common …

in preferences for risk. It develops a model with risk aversion heterogeneity, uninsurable idiosyncratic income risk, and … that the role of risk aversion heterogeneity is quantitatively important. When estimating the risk aversion distribution … risk preference heterogeneity has a first order effect on the aggregate allocations. …

in preference heterogeneity. It develops a model with both uninsurable idiosyncratic income risk and risk aversion … heterogeneity to quantify their effects on wealth inequality. The results show that with the available estimates of the risk …, the share of wealth held by the top 1% is still substantially underestimated. It is also shown that models without risk …

economy. This is a calibrated GE model with incomplete markets and uninsurable income risk, designed to quantify the size of …. The parameters affecting most significantly precautionary savings are the risk aversion and the standard deviation of the …

economy. This is a calibrated GE model with incomplete markets and uninsurable income risk, designed to quantify the size of …. The parameters affecting most significantly precautionary savings are the risk aversion and the standard deviation of the …

account for these empirical facts, I develop a theory based on an otherwise standard incomplete-markets OLG model with ex …) face uninsurable labor market risk henceforth; (iii) and make Pareto-efficient decisions if married. In a calibrated …

models are more likely to have generated the data. In particular, despite its generality, a model with both risk aversion and …