Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?
收藏NBER1998-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w6354
下载链接
链接失效反馈官方服务：
资源简介：
We study a Lucas asset pricing model that is standard in all respects representative agent's subjective beliefs about endowment growth are distorted. Using constant-relative-risk-aversion (CRRA) utility a CRRA coefficient below ten that exhibit, on average, excessive pessimism over expansions and
提供机构：
美国国家经济研究局
创建时间：
1998-01-01
