The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous
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Movements in asset prices are a major risk confronting individuals. This paper establishes new asset pricing results when agents differ in risk preference, time preference and/or expectations. It shows that risk tolerance is a critical concept driving savings decisions, consumption allocations,
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美国国家经济研究局创建时间：
2011-07-01
