Asset Valuation and Production Efficiency in an Overlapping-Generations Model with Production Shocks
将Cass生产效率标准扩展到不确定性情形，证明存在生产不确定性的世代交叠模型中股票市场均衡是有效的，并推导出无泡沫资产定价公式，与Brock的无限期消费者模型比较发现两者资产估值相同。
This paper extends the Cass criterion for production efficiency to include uncertainty and uses it to show that a stock market equilibrium in an overlapping-generations model with production uncertainty is efficient. It also develops a no-bubbles asset-pricing formula. Results are compared with Brock's (1982) infinite-lived consumer model and it is shown that the stock market equilibrium in the overlapping-generations model has precisely the same asset valuation as Brock's infinitely-lived agent model.