ON THE NEGATIVE RISK PREMIUM FOR RISK ADJUSTED DISCOUNT RATES: A REPLY
这篇短文证明Booth教授应用时间状态偏好框架得出的负风险溢价结果，实际上与Berry和Dyson（1980）的分析一致，因此Booth的批评不成立，并进一步评论了负风险溢价现象。
This short paper shows that the results of Professor Booth's application of the Time State Preference framework to the negative risk premium problem are in fact consistent with the analysis presented in Berry and Dyson (1980). Professor Booth's criticisms of this earlier paper are thereby shown to be invalid. Some further comments are then offered about the phenomenon of negative risk premia.