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来源类型Working Paper
规范类型报告
DOI10.3386/w26974
来源IDWorking Paper 26974
The Implications of Heterogeneity and Inequality for Asset Pricing
Stavros Panageas
发表日期2020-04-13
出版年2020
语种英语
摘要Does heterogeneity matter for asset pricing and in particular for risk premiums? Starting with an irrelevance result, I classify the literature into two groups of papers taking different routes to link investor heterogeneity and risk premiums. The first group contains models of investors who differ in terms of their preferences, beliefs, or access to markets. Despite their differences, these models have similar implications, and can be analyzed in a unified way. The second group of papers consists of models where investors experience uninsurable income shocks. The goal of this survey is to provide one unified framework to better understand this large literature, and especially to reconcile several of the seemingly inconsistent results found in some seminal papers.
主题Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing
URLhttps://www.nber.org/papers/w26974
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584646
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GB/T 7714
Stavros Panageas. The Implications of Heterogeneity and Inequality for Asset Pricing. 2020.
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