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- W1489309910 abstract "The essential element in modern asset pricing theory is a positive random variable called the stochastic discount factor (SDF). This object allows one to price any payoff stream. Its existence is implied by the absence of arbitrage opportunities. Consumption-based asset pricing models link the SDF to the marginal utility growth of investors and in turn to observable economic variables|and in doing so, they provide empirical content to asset pricing theory. This entry discusses this class of models." @default.
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- W1489309910 date "2007-01-01" @default.
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- W1489309910 title "Consumption Based Asset Pricing Models: Theory" @default.
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- W1489309910 doi "https://doi.org/10.2139/ssrn.968061" @default.
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