Rare Disasters and Risk Sharing with Heterogeneous Beliefs
---- Acknowledgements ----
We thank Andy Abel, David Bates, George Constantinides, Xavier Gabaix, Jakub Jurek, Leonid Kogan, Jun Pan, Monika Piazzesi, Bob Pindyck, Annette Vissing-Jorgensen, Jiang Wang, Ivo Welch, Amir Yaron, and seminar participants at MIT Sloan, the AEA Meeting in Atlanta, and the NBER Asset Pricing Meeting in Chicago for comments. All the remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.