Risk management decisions provide a candidate to elicit people's risk preferences empirically. In such a context, the … literature often presumes that the decision to invest in risk management and the benefit of this investment occur … intertemporal settings. To fill this gap, we study the effect of an increase in risk aversion on the demand for risk management in a …

The consensus among scholars is that (some) longevity risk pooling is the optimal strategy for drawing down wealth in … some closed-form expressions for the value of longevity risk pooling with fixed life annuities under constant relative risk … attention from actuarial researchers. Our paper offers tools to explain the value of longevity risk pooling …

longevity bond. Since systematic mortality risk can be hedged by trading the longevity bond, its impacts on consumption … expected utility from consumption, terminal wealth and bequest. The problem is solved via the dynamic programming principle and … special solutions are provided. It is shown that idiosyncratic mortality risk has significant impacts on the wage earner …

accumulation in which households face idiosyncratic income risk and cannot commit to repay their debt. Therefore, even though a … equilibrium features imperfect insurance and a non-degenerate cross-sectional consumption distribution. When household labor … dynamics induced by unexpected technology shocks, including the evolution of the consumption distribution, in closed form. Thus …

This paper presents a new axiomatic characterization of risk measures that are additive for independent random … variables. In contrast to previous work, we include an axiom that guarantees monotonicity of the risk measure. Furthermore, the …. The risk measure characterized can be regarded as a mixed exponential premium. …