| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26535 |
| 来源ID | Working Paper 26535 |
| Rethinking Production Under Uncertainty | |
| John H. Cochrane | |
| 发表日期 | 2019-12-09 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Conventional models of production under uncertainty specify that output is produced in fixed proportions across states of nature. I investigate a representation of technology that allows firms to transform output from one state to another. I allow the firm to choose the distribution of its random productivity from a convex set of such distributions, described by a limit on a moment of productivity scaled by a natural productivity shock. The model produces a simple discount factor linked to productivity, which can be used to price a wide variety of assets, without regard to preferences. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w26535 |
| 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/584209 |
| 推荐引用方式 GB/T 7714 | John H. Cochrane. Rethinking Production Under Uncertainty. 2019. |
| 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 | ||
| w26535.pdf（577KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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