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We present a novel approach to depicting asset pricing dynamics by characterizing shock exposures and prices for alternative investment horizons. We quantify the shock exposures in terms of elasticities that measure the impact of a current shock on future cash-flow growth. The elasticities are designed to accommodate nonlinearities in the stochastic evolution modeled as a Markov process. Stochastic growth in the underlying macroeconomy and stochastic discounting in the representation of asset values are central ingredients in our investigation. We provide elasticity calculations in a series of examples featuring consumption externalities, recursive utility, and jump risk.
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EconPapers FAQ Archive maintainers FAQ Cookies at EconPapers Format for printing The RePEc blog The RePEc plagiarism page Survival and Long-Run Dynamics with Heterogeneous Beliefs under Recursive PreferencesJaroslav BorovičkaJournal of Political Economy, 2020, vol. 128, issue 1, 206 - 251Abstract:I analytically characterize the long-run behavior of an economy with two types of agents who differ in their beliefs and are endowed with homothetic recursive preferences. Agents with more incorrect beliefs dominate, or agents with different accuracy of their beliefs coexist in the long run, for broad ranges of plausible parameterizations when risk aversion is greater than the inverse of the intertemporal elasticity of substitution. The results highlight a crucial interaction between risk sharing, speculative behavior and consumption-saving choice of agents with heterogeneous beliefs, and the role of equilibrium prices in shaping long-run outcomes.Date: 2020References: Add references at CitEc Citations: View citations in EconPapers (11) Track citations by RSS feedDownloads: (external link) (application/pdf) (text/html)Access to the online full text or PDF requires a subscription.Related works:Working Paper: Survival and long-run dynamics with heterogeneous beliefs under recursive preferences (2011) This item may be available elsewhere in EconPapers: Search for items with the same title.Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/TextPersistent link: :ucp:jpolec:doi:10.1086/704072Access Statistics for this articleMore articles in Journal of Political Economy from University of Chicago PressBibliographic data for series maintained by Journals Division (Obfuscate( 'press.uchicago.edu', 'pubtech' )). var addthis_config = "data_track_clickback":true; var addthis_share = url:" :ucp:jpolec:doi:10.1086/704072"Share This site is part of RePEc and all the data displayed here is part of the RePEc data set. Is your work missing from RePEc? Here is how to contribute. Questions or problems? Check the EconPapers FAQ or send mail to Obfuscate( 'oru.se', 'econpapers' ). EconPapers is hosted by the Örebro University School of Business.
Cell shape recognition by colloidal cell imprints: Energy of the cell-imprint interaction (2015) Journal Article Borovicka, J., Stoyanov, S. D., & Paunov, V. N. (2015). Cell shape recognition by colloidal cell imprints: Energy of the cell-imprint interaction. Physical review. E, Statistical, nonlinear, and soft matter physics, 92(3), 1-8. 041b061a72