The Implications of Nonmarketable Income for Consumption-Based Models of Asset Pricing
提出非市场化收入的新表示法，证明当部分人不参与资产市场时，消费贝塔值不唯一，消费资本资产定价模型失效，但跨期资本资产定价模型仍有效。
A new representation of nonmarketable (NM) income is introduced in this essay. Using this representation and continuous trading, there exists a set of individuals who do not participate in the asset market and who consume at the rate of nonmarketable income derived from human capital. Because these individuals remain nonparticipants for a range of stochastic processes governing the NM income, consumption betas are not generally unique in value and the consumption-based CAPM (CCAPM) does not obtain. However, the intertemporal CAPM (ICAPM) of Merton remains valid.