General equilibrium properties of the term structure of interest rates
在一个三期二叉树模型中分析消费与投资配置，以确定实际期限结构溢价在一般均衡中的符号。当生产函数为凹、市场完备且未来生产可能性与状态无关时，溢价为正；在不完全市场中，递减绝对风险厌恶下可能出现负溢价。
The paper examines the allocation of consumption and investment in a three-date binomial model in order to determine the sign of the real term structure premium in general equilibrium. When production functions are concave, markets are complete, and future production possibilities are the same irrespective of which state of the world occurs, the term structure premium will be positive. In incomplete markets, constant or increasing absolute risk aversion is sufficient to guarantee a positive term structure premium, although in the (more likely) case of decreasing absolute risk aversion a negative premium cannot be ruled out.