Stocks as Lotteries: The Implications of Probability Weighting for Security Prices
收藏NBER2007-02-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w12936
下载链接
链接失效反馈官方服务：
资源简介：
We study the asset pricing implications of Tversky and Kahneman's (1992) cumulative prospect theory, with particular focus on its probability weighting component. Our main result, derived from a novel equilibrium with non-unique global optima, is that, in contrast to the prediction of a standard
提供机构：
美国国家经济研究局
创建时间：
2007-02-01
