TY  - GEN
AB  - We analyze a static partial equilibrium model where the agents are
not only heterogeneous in their beliefs about the return on risky assets
but also in their attitude to it. While some agents in the economy
are subjective utility maximizers others behave ambiguity averse in
the sense of Knight (1921). If ambiguity averse agents meet overly
optimistic subjective utility maximizers in the market lower equity
premia can arise in the equilibrium than in a purely subjective utility
framework.
DA  - 2011
KW  - Ambiguity
KW  - Partial Equilibrium
KW  - Heterogeneous Agents
KW  - No- Trade Interval
LA  - eng
PY  - 2011
SN  - 0931-6558
SP  - 19-
TI  - A Note on Equity Premia in Markets with Heterogeneous Agents
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-29000467
Y2  - 2024-11-22T10:09:05
ER  -