G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w28127
来源IDWorking Paper 28127
The Value of a Cure: An Asset Pricing Perspective
Viral V. Acharya; Timothy Johnson; Suresh Sundaresan; Steven Zheng
发表日期2020-11-23
出版年2020
语种英语
摘要We provide an estimate of the value of a cure using the joint behavior of stock prices and a vaccine progress indicator during the ongoing COVID-19 pandemic. Our indicator is based on the chronology of stage-by-stage progress of individual vaccines and related news. We construct a general equilibrium regime-switching model of repeated pandemics and stages of vaccine progress wherein the representative agent withdraws labor and alters consumption endogenously to mitigate health risk. The value of a cure in the resulting asset-pricing framework is intimately linked to the relative labor supply across states. The observed stock market response to vaccine progress serves to identify this quantity, allowing us to use the model to estimate the economy-wide welfare gain that would be attributable to a cure. In our estimation, and with standard preference parameters, the value of the ability to end the pandemic is worth 5-15% of total wealth. This value rises substantially when there is uncertainty about the frequency and duration of pandemics. Agents place almost as much value on the ability to resolve the uncertainty as they do on the value of the cure itself. This effect is stronger – not weaker – when agents have a preference for later resolution of uncertainty. The policy implication is that understanding the fundamental biological and social determinants of future pandemics may be as important as resolving the immediate crisis.
主题Microeconomics ; General Equilibrium ; Financial Economics ; Portfolio Selection and Asset Pricing ; Health, Education, and Welfare ; Health ; Environmental and Resource Economics ; Environment ; COVID-19
URLhttps://www.nber.org/papers/w28127
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/585801
推荐引用方式
GB/T 7714
Viral V. Acharya,Timothy Johnson,Suresh Sundaresan,et al. The Value of a Cure: An Asset Pricing Perspective. 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
w28127.pdf(722KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Viral V. Acharya]的文章
[Timothy Johnson]的文章
[Suresh Sundaresan]的文章
百度学术
百度学术中相似的文章
[Viral V. Acharya]的文章
[Timothy Johnson]的文章
[Suresh Sundaresan]的文章
必应学术
必应学术中相似的文章
[Viral V. Acharya]的文章
[Timothy Johnson]的文章
[Suresh Sundaresan]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w28127.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。