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| Author: | Constantinides, G. Duffie, D. |
| Title: | Asset pricing with heterogeneous consumers |
| Journal: | Journal of Political Economy
1996 : APR, VOL. 104:2, p. 219-240 |
| Index terms: | ASSETS PRICING CONSUMERS |
| Language: | eng |
| Abstract: | Empirical difficulties encountered by representative consumer models are resolved in an economy with heterogeneity in the form of uninsurable , persistent, and heteroscedastic labor income shocks. Given the joint process of arbitrage-free asset prices, dividends, and aggregate income, satisfying a certain joint restriction, it is shown that this process is supported in the equilibrium of an economy with judiciously modeled income heterogeneity. The article presents the views of George M. Constantinides. |
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