The Identification of Beliefs From Asset Demand
研究了如何从资产需求随价格和初始财富的变化中识别投资者的信念和风险态度，即使市场不完整且仅观察到局部需求也能识别。
The demand for assets as prices and initial wealth vary identifies beliefs \nand attitudes towards risk. We derive conditions that guarantee identification with no knowledge either of the cardinal utility index or of the distribution of future endowments or payoffs of assets; the argument applies even if the asset market is incomplete and demand is observed only locally. \n