Left Behind: Creative Destruction, Inequality, and the Stock Market
构建了一个一般均衡模型，说明技术创新的收益在金融参与者与创新者之间分配不均，导致不平等加剧，并解释了股票市场高风险溢价、收益联动及传统资产定价模型失效的原因。
We develop a general equilibrium model of asset prices in which benefits of technological innovation are distributed asymmetrically. Financial market participants do not capture all economic gains from innovation even when they own shares in innovating firms. Such gains accrue partly to the innovators, who cannot sell claims on proceeds from their future ideas. We show how the resulting inequality among agents can give rise to a high risk premium on the aggregate stock market, return comovement and average return differences among firms, and the failure of traditional representative agent asset pricing models to account for cross-sectional differences in risk premia.