Disagreement, tastes, and asset prices

被引：311

作者：

Fama, Eugene F.

French, Kenneth R. ^{[1
]}

机构：

[1] Dartmouth Coll, Amos Tuck Sch Business Adm, Hanover, NH 03755 USA

[2] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2007年 / 83卷 / 03期

关键词：

asset pricing; disagreement; tastes;

D O I：

10.1016/j.jfineco.2006.01.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Standard asset pricing models assume that: (i) there is complete agreement among investors about probability distributions of future payoffs on assets; and (ii) investors choose asset holdings based solely on anticipated payoffs-, that is, investment assets are not also consumption goods. Both assumptions are unrealistic. We provide a simple framework for studying how disagreement and tastes for assets as consumption goods can affect asset prices. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：667 / 689

页数：23

共 44 条

[1] A NOISY RATIONAL-EXPECTATIONS EQUILIBRIUM FOR MULTI-ASSET SECURITIES MARKETS [J].