| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9997 |
| 来源ID | Working Paper 9997 |
| Individual Preferences, Monetary Gambles and the Equity Premium | |
| Nicholas Barberis; Ming Huang; Richard Thaler | |
| 发表日期 | 2003-09-29 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We argue that narrow framing, whereby an agent who is offered a new gamble evaluates that gamble in isolation, separately from other risks she already faces, may be a more important feature of decision-making under risk than previously realized. To demonstrate this, we present evidence on typical attitudes to independent monetary gambles with both large and small stakes and show that across a wide range of utility functions, including all expected utility and many non-expected utility specifications, the only ones that can easily capture these attitudes are precisely those exhibiting narrow framing. Our analysis also makes predictions about the kinds of preferences that might be able to address the stock market participation and equity premium puzzles. We illustrate these predictions in simple portfolio choice and equilibrium settings. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information |
| URL | https://www.nber.org/papers/w9997 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567627 |
| 推荐引用方式 GB/T 7714 | Nicholas Barberis,Ming Huang,Richard Thaler. Individual Preferences, Monetary Gambles and the Equity Premium. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9997.pdf（615KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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