The Equity Premium: It's Still a Puzzle
回顾了试图解决股权溢价和无风险利率谜题的文献，指出任何依赖特定偏好参数形式、完全市场和无摩擦交易假设的资产定价模型都会面临这些谜题，并发现低无风险利率已有几种合理解释，但股权溢价规模仍是个谜。
The paper examines the literature that attempts to resolve the equity premium and riskfree rate puzzles. It demonstrates that the puzzles will confront any model of asset prices that relies on three crucial assumptions: preferences have a particular parametric form, asset markets are complete, and asset trade is frictionless. A survey of the literature that relaxes these assumptions reveals that there are now several plausible explanations of the seemingly low riskfree rate, but the large size of the equity premium remains a puzzle.