High equity premia and crash fears -- rational foundations (Q2502343): Difference between revisions

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scientific article
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High equity premia and crash fears -- rational foundations
scientific article

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    High equity premia and crash fears -- rational foundations (English)
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    12 September 2006
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    This paper deals with Lucas-style economies and gives new contributions to equilibrium recursive rational learning. The key condition for these results to obtain is the presence of sufficient initial pessimism. Some real-world examples are added. Mathematically, to show the existence of equilibria, a global discussion of the modelling functions (having a stochastic behavior as background) is possible.
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    Rational learning
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    Equity premium
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    Initial pessimism
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    Lucas-style economy
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