Distortions and Efficiency in Production Economies with Heterogeneous Beliefs
研究了存在分歧和生产的消费、储蓄和资产价格，发现分歧会显著扭曲总储蓄，可能解释储蓄不足之谜，并指出生产经济中错误定价主要体现在特质风险上，而非无风险利率或市场预期收益。
Abstract We study consumption, savings, and asset prices in economies with disagreement and production, focusing on settings with real effects of disagreement. Aggregate savings may be significantly distorted under disagreement, possibly related to the undersaving puzzle. In the production economy, mispricing mainly manifests itself in idiosyncratic risk, in contrast to the exchange economy, where the risk-free rate and expected return on the market may be distorted. Potential policy implications include the introduction of investment taxes or subsidies. Our results highlight the real effects of disagreement in financial markets, and the differences between economies with and without production.