论文标题
解决权益优质难题的解决方案
Solution to the Equity Premium Puzzle
论文作者
论文摘要
这项研究提供了股票高级难题的解决方案。质疑在所有条件下检测投资者的风险行为的相对风险避免箭头的有效性，即开发了一种新工具，即该模型的充足因素来分析投资者的风险行为。该新测试模型的计算表明，通过假设主观时间折扣系数为0.99，相对风险规避系数的值为1.033526。由于这些值与现有的经验研究兼容，因此它们证实了新得出的模型的有效性，该模型为股票高级难题提供了解决方案。
This study provides a solution of the equity premium puzzle. Questioning the validity of the Arrow-Pratt measure of relative risk aversion for detecting the risk behavior of investors under all conditions, a new tool, that is, the sufficiency factor of the model was developed to analyze the risk behavior of investors. The calculations of this newly tested model show that the value of the coefficient of relative risk aversion is 1.033526 by assuming the value of the subjective time discount factor as 0.99. Since these values are compatible with the existing empirical studies, they confirm the validity of the newly derived model that provides a solution to the equity premium puzzle.
