How Does the Spirit of Capitalism Affect Stock Market Prices?
构建了一个一般模型，分析资本主义精神通过影响风险厌恶、耐心和跨期替代意愿等渠道如何改变资产价格，发现资本主义精神增强可能提高或降低风险厌恶，甚至降低风险资产价格。
Bakshi and Chen (1996b) suggest that the spirit of capitalism affects stock prices by increasing society's aversion to risk. In this article, I show that the way in which the spirit of capitalism impinges upon asset prices depends on the interaction of impatience, willingness to substitute over time, and ordinal preferences between consumption and status, in addition to risk aversion. I develop a general model that charts the channels through which the spirit of capitalism affects asset prices. An increase in the capitalist spirit may increase or decrease risk aversion, and may actually decrease the prices of risky assets.