The Implications of First-Order Risk Aversion for Asset Market Risk Premiums
收藏NBER1994-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w4624
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资源简介：
Existing general equilibrium models based on traditional expected utility preferences have been unable to explain the excess return predictability observed in equity markets, bond markets, and foreign exchange markets. In this paper, we abandon the expected-utility hypothesis in favor of preferences
提供机构：
美国国家经济研究局
创建时间：
1994-01-01
