Good‐Specific Habit Formation and the Cross‐Section of Expected Returns
研究在一般均衡框架下，消费者对特定商品形成习惯如何影响企业定价和股票预期收益，发现高习惯水平商品对应低需求弹性、高定价、低预期股票收益和低波动。
ABSTRACT I study asset prices in a general equilibrium framework in which agents form habits over individual varieties of goods rather than over an aggregate consumption bundle. Goods are produced by monopolistically competitive firms whose elasticities of demand depend on consumers' habit formation. Firms that produce goods with a high habit level relative to consumption have low demand elasticities, set high prices for their product, have low expected returns on their stock, and have low asset pricing betas and stock return volatilities. I find supportive evidence for these predictions in the data.