Habit Formation: A Resolution of the Equity Premium Puzzle
通过引入消费的相邻互补性（习惯持续性）来修正偏好设定，从而解释了股权溢价之谜，即股票市场预期收益率与无风险利率之差过大的现象。
The equity premium puzzle, identified by Rajnish Mehra and Edward C. Prescott, states that, for plausible values of the risk aversion coefficient, the difference of the expected rate of return on the stock market and the riskless rate of interest is too large, given the observed small variance of the growth rate in per capita consumption. The puzzle is resolved in the context of an economy with rational expectations once the time separability of von Neumann-Morgenstern preferences is relaxed to allow for adjacent complementarity in consumption, a property known as habit persistence. Essentially, habit persistence drives a wedge between the relative risk aversion of the representative agent and the intertemporal elasticity of substitution in consumption. Copyright 1990 by University of Chicago Press.