The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Fragile beliefs and the price of uncertainty
Open accessAbstract
A representative consumer uses Bayes' law to learn about parameters of several models and to construct probabilities with which to perform ongoing model averaging. The arrival of signals induces the consumer to alter his posterior distribution over models and parameters. The consumer's specification doubts induce him to slant probabilities pessimistically. The pessimistic probabilities tilt toward a model that puts long-run risks into consumption growth. That contributes a countercyclical history-dependent component to prices of risk.
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Citations
Cites
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
Cited by
Ambiguity, Learning, and Asset Returns
(2012) · Econometrica · doi:10.3982/ecta7618 · Cited by 404
Metadata
- Venue
- Quantitative Economics
- Publisher
- The Econometric Society
- Published
- 2010
- Volume
- 1
- Issue
- 1
- Pages
- 129-162
- ISSN
- 1759-7323 (ISSN-L)
- DOI
- 10.3982/qe9
- OpenAlex
- W1574274413
- Cited by
- 221
- References
- 1
- FWCI
- 47.82
- Type
- journal article
- Language
- en
- Open access
- diamond
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
