Anomalies: The Equity Premium Puzzle
发现股票与国债的历史回报差（约每年6%）远大于风险厌恶能解释的范围，且该现象在多国长期存在，难以用幸存者偏差解释，最后总结了几种理论解释，认为不引入非理性因素很难说通。
The equity premium is the difference in returns between equities and fixed income securities, such as Treasury bills. The puzzle refers to the fact that the premium has historically been very large--about 6 percent per year--too large to be easily explained by risk aversion. The authors document the evidence for the puzzle and find that is exists in many countries, over long time periods, and does not seem to be explained by survivorship bias. They also summarize several theoretical explanations. The authors conclude that it is difficult to explain the equity premium without incorporating some kind of irrationality.