Asset Pricing with Durable Goods and Nonhomothetic Preferences
نویسندگان
چکیده
منابع مشابه
Consumption-Based Asset Pricing: Durable Goods, Adjustment Costs, and Aggregation
In this paper, we investigate the implications of non-separable preferences over durable and nondurable consumption for asset pricing tests when adjusting durable consumption is costly. In an economy without adjustment costs, in which a frictionless rental market exists for the durable good, the standard Euler equation with respect to nondurable consumption will hold for each individual agent a...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2004
ISSN: 1556-5068
DOI: 10.2139/ssrn.1722060