Possibility of dying as a unified explanation of ( i ) why we discount the future , ( ii ) get weaker with age , and ( iii ) display risk - aversion Bhagwan Chowdhry

(i) why we discount the future, (ii) get weaker with age, and (iii) display risk-aversion 1 I thank Mark Garmaise and David Levine for reading the paper carefully and providing many useful comments. I am grateful to Eduardo Schwartz for help in formulating the problem elegantly in continuous time that allowed me to obtain the main results of the paper analytically. I also thank Michael Brennan, John Cochrane and Steve Ross for encouragement.