Comparative Dynamics and Risk Premia in an Overlapping Generations Model
构建了一个世代交叠资产定价模型，研究风险厌恶与风险溢价的关系，发现风险厌恶程度更高并不必然导致风险溢价更大。
An asset pricing model with overlapping generations is developed in order to study the relationship of risk aversion and risk premia and to derive some comparative dynamic results. The main result is that greater risk aversion does not necessarily imply a greater risk premium in this type of model.