The article explores how uncertainty and changing market conditions affect asset pricing and economic welfare. By using a new method to analyze data on US consumption, the researchers found evidence of unpredictable market fluctuations. This led to a more realistic estimate of risk in the market and showed that economic downturns can have a bigger impact on people's well-being than previously thought. The study suggests that considering worst-case scenarios when making financial decisions can help protect against unexpected disasters and long-term risks.