This paper investigates how mortality risk affects agents’ optimal decisions and asset prices within a general equilibrium framework. A risk-averse households facing a stochastic mortality rate allocate their net worth among consumption, risky capital production, and risk-free bonds to maximise intertemporal utility. The authors show that a negative and time-varying correlation exists between mortality and risky asset prices, even when production and mortality risks are mutually independent. Calibrated simulations suggest that endogenous price effects account for the largest share of welfare gains and losses following sharp changes in mortality, such as the COVID-19 pandemic. Modena, A., Regis, L., & Rizzini, G. (2025). The equilibrium effects of mortality risk. Journal of Economic Behavior & Organization, 231, 106886. https://doi.org/10.1016/j.jebo.2025.106886