| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26974 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w26974 |
| 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/584646 |
| 推荐引用方式 GB/T 7714 | Stavros Panageas. The Implications of Heterogeneity and Inequality for Asset Pricing. 2020. |
| 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 | ||
| w26974.pdf（738KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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