Optimal Endowment Destruction under Campbell-Cochrane Habit Formation
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Campbell and Cochrane (1999) formulate a model that successfully explains a wide variety of asset pricing puzzles, by augmenting the standard power utility function with a time-varying subsistence level, or "external habit", that adapts nonlinearly to current and past average consumption in the
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美国国家经济研究局创建时间：
2009-03-01
