How Much Would You Pay to Resolve Long-Run Risk?
指出长期风险文献忽略了风险的时间分辨率含义，通过量化时间溢价的大小，将风险的时间分辨率引入模型校准讨论，对资产定价研究者有参考价值。
Though risk aversion and the elasticity of intertemporal substitution have been the subjects of careful scrutiny, the long-run risks literature as well as the broader literature using recursive utility to address asset pricing puzzles has ignored the full implications of their parameter specifications. Recursive utility implies that the temporal resolution of risk matters and a quantitative assessment thereof should be part of the calibration process. This paper gives a sense of the magnitudes of implied timing premia. Its objective is to inject temporal resolution of risk into the discussion of the quantitative properties of long-run risks and related models.