Biased Bayesian Learning and the Risk-Free Rate Puzzle

The Equity Premium Puzzle and the Risk-free Rate Puzzle

This paper studies the implications for general equilibnum asset pricing of a class of Kreps-Porteus nonexpected utility preferences characterized by a constant intertemporal elasticity of substitution and a constant, but unrelated, coefficient of relative risk aversion. It is shown that relaxing the parametric restriction on tastes imposed by the time-additive expected utility specification do...

Liquidity Constraints, Heterogeneous Consumers and the Risk Free Rate Puzzle

The interaction of liqu id ity constraints and a precautionary savings motive in an economy with consumer heterogeneity in the form of non-stationary, un insurab le , idiosyncratic earnings pro cesses re solves the risk free rate puzzle. The general equ ilibrium bu er stock saving model generates interest rates that match empirical regularities when idiosyncratic sho cks contain both persistent...

The Free Installment Puzzle†

We analyze a new dataset on borrowing decisions of a sample of customers of a credit card company. This credit card allows customers to pay for their purchases via installment credit over terms up to 12 months at an interest rate that depends on the customer’s credit score and the duration of the installment loan. We use these data to estimate the effect of interest rates on consumers’ demand f...

investigating the effect of motivation and attitude towards learning english, learning style preferences and gender on iranian efl learners proficiency

تحقیق حاضر به منظور بررسی تاثیر انگیزه و نگرش نسبت به یادگیری زبان انگلیسی، ترجیحات سبک یادگیری و جنسیت بر بسندگی فراگیران ایرانی زبان انگلیسی انجام شد. برای این منظور، 154 فراگیر ایرانی زبان انگلیسی در این تحقیق شرکت کردند. سه ابزار جمع آوری داده ها شامل آزمون تعیین سطح بسندگی زبان انگلیسی آکسفورد، پرسشنامه ترجیحات سبک یادگیری براچ و پرسشنامه انگیزه و نگرش نسبت به یادگیری زبان انگلیسی به م...

The Risk Free Rate and the Market Risk Premium