Is consumption growth only a sideshow in asset pricing? : asset pricing implications of demographic change and shocks to time preferences
I show that risk sources such as unexpected demographic changes or shocks to the agent's subjective time preferences may have stronger implications and be of greater importance for asset pricing than risk in the (aggregate) consumption growth process. In the first chapter, I discuss stochastic...
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London School of Economics and Political Science (University of London)
2012
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| Online Access: | http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.571013 |