The Equity Premium and the Concentration of Aggregate Shocks
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This paper examines an economy in which aggregate shocks are not dispersed equally throughout the population. Instead, while these shocks affect all individuals ex ante, they are concentrated among a few ex post.The equity premium in general depends on the concentration of these aggregate shocks; it
本文研究了一类总冲击并未在人群中均匀分散的经济体。尽管这类总冲击在事前（ex ante）会影响所有个体，但事后（ex post）却仅集中于少数群体身上。总体而言，股权溢价（equity premium）取决于这类总冲击的集中程度；其
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美国国家经济研究局创建时间：
1986-01-01
