expectations and risk perceptions) and preferences (risk tolerance) as a result of their personal return and risk experiences. Past … returns positively impact return expectations and risk tolerance, and negatively impact risk perceptions. Realized risk …, however, has no effect. That is, even in a highly volatile stock-market period in which risk appears very salient, investors …

This paper addresses the question of optimal currency exposure for a risk-and-ambiguity-avers international investor. A …

analysis of contracts under risk, where separation is often feasible. …

evidence that an increase in firm-specific risk (ambiguity), which increases (reduces) option value, increases (reduces …

's experience, a comprehensive definition of risk.Risk is not measurable uncertainty nor volatility. Risk is a three part concept …: (1) risk is the potential that events may have an unexpected and noteworthy impact on results, i.e. a consequence of … exposure while of pursuing objectives in an uncertain environment; (2) risk is ontological uncertainty, the unknown unknown …

-contingent consumer's surplus and the state-contingent marginal utility of wealth and a second term representing risk aversion. This … consumer's surplus is determined by the covariance between preferences and consumer's surplus and risk aversion. The sign of …. We then apply this result to the allocation of risk in the context of both public and private goods. In Section 3, we …