Self-Fulfilling Risk Panics: An Expected Utility Framework
收藏NBER2020-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w28284
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Even if an asset has no fundamental uncertainty with a constant dividend process, a stochastic sentiment-driven equilibrium for the asset price exists besides the well-known fundamental equilibrium. Our paper constructs such sentiment-driven equilibria under general utility functions within an OLG
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美国国家经济研究局创建时间：
2020-12-01
