Salience and Asset Prices
提出了一个简单模型，其中收益的显著性驱动投资者对风险资产的需求，极端收益在市场估值中被过度加权，从而解释了高收益资产偏好、股权溢价和股票收益的反周期变化等金融谜题。
We present a simple model of asset pricing in which payoff salience drives investors' demand for risky assets. The key implication is that extreme payoffs receive disproportionate weight in the market valuation of assets. The model accounts for several puzzles in finance in an intuitive way, including preference for assets with a chance of very high payoffs, an aggregate equity premium, and countercyclical variation in stock market returns.