Myopic Loss Aversion and the Equity Premium Puzzle
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The equity premium puzzle, first documented by Mehra and Prescott, refers to the empirical fact that stocks have greatly outperformed bonds over the last century. As Mehra and Prescott point out, it appears difficult to explain the magnitude of the equity premium within the usual economics paradigm
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美国国家经济研究局创建时间：
1993-05-01
