Rare Disasters and Risk Sharing with Heterogeneous Beliefs
Risks of rare economic disasters can have a large impact on asset prices. At the same time, difficulties in inference regarding both the likelihood and severity of disasters, as well as agency problems, can lead to significant disagreements among investors about disaster risk. We show that such disa...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
Oxford University Press
2012
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| Online Access: | http://hdl.handle.net/1721.1/74652 https://orcid.org/0000-0001-9605-641X |