Young, Old, Conservative, and Bold: The Implications of Heterogeneity and Finite Lives for Asset Pricing
研究了偏好异质性（风险厌恶和跨期替代弹性）在世代交叠框架下对资产定价的影响，发现分离这两种异质性有助于解释风险价格、利率和股票收益波动等关键问题。
We study the implications of preference heterogeneity for asset pricing. We use recursive preferences in order to separate heterogeneity in risk aversion from heterogeneity in the intertemporal elasticity of substitution and an overlapping-generations framework to obtain a nondegenerate stationary equilibrium. We solve the model explicitly up to the solutions of ordinary differential equations and highlight the effects of overlapping generations and each dimension of preference heterogeneity on the market price of risk, interest rates, and the volatility of stock returns. We find that separating intertemporal elasticity of substitution and risk aversion heterogeneity can have a substantive impact on the model's (qualitative and quantitative) ability to address some key asset-pricing issues.