Comparative Dynamics of an Equilibrium Intertemporal Asset Pricing Model
用递归竞争理论构建一般均衡资产定价模型，内生决定所有价格和回报率，分析偏好、技术不确定性和预期变化对证券价格结构的影响，尤其关注市场风险溢价如何随经济环境变化。
This paper uses recursive competitive theory to develop a general equilibrium asset pricing model. In this framework all prices and rates of return are endogenously determined, thus enabling us to analyze the effects of changes in preferences, technological uncertainty, and expectations on the structure of security prices. In particular we focus on how the market risk premium varies with changes in the underlying economic environment, an issue which other asset pricing models have chosen not to address.