Pricing Long-Lived Securities in Dynamic Endowment Economies
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We solve for asset prices in a general affine representative-agent economy with isoelastic recursive utility and rare events. Our novel solution method is exact in two special cases: no preference for early resolution of uncertainty and elasticity of intertemporal substitution equal to one. Our
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美国国家经济研究局创建时间：
2018-05-01
