We present a simple model of asset pricing in which payoff salience drives investors' demand for risky assets. The key implication is that extreme payoffs receive disproportionate weight in the market valuation of assets. The model accounts for several puzzles in finance in an intuitive way, including preference for assets with a chance of very high payoffs, an aggregate equity premium, and countercyclical variation in stock market returns
This paper presents a simple rational expectations model of intertemporal asset pricing. It shows th...
The mean, covariability, and predictability of the return of different classes of financial assets c...
JEL No. G0,G00,G1,G10,G12 The paper estimates and examines the empirical plausibiltiy of asset prici...
We present a simple model of asset pricing in which payoff salience drives investors' demand for ris...
We present empirical evidence on the asset pricing implications of salience theory. In our model, in...
We present evidence on the asset pricing implications of salience theory. In our model, investors ov...
We present a theory of choice among lotteries in which the decision maker's attention is drawn to (p...
Standard representative-agent models have di¢culty in accounting for the weak correlation between st...
We propose a model in which investors cannot costlessly process information from asset prices. At th...
The financial markets are full of puzzles. In the aggregate market, stocks earn returns that cannot ...
Research on human attention indicates that objects that stand out from their surroundings, i.e., sal...
Feedback effects from asset prices to firm cash flows have been empirically documented. This finding...
Investors in equilibrium are modeled as facing investor specific risks across the space of assets. P...
Market folklore says that investors abhor uncertainty. But if there were no uncertainty, investors c...
In the first chapter, Christian Goulding and I present a model of asset prices with recursive prefer...
This paper presents a simple rational expectations model of intertemporal asset pricing. It shows th...
The mean, covariability, and predictability of the return of different classes of financial assets c...
JEL No. G0,G00,G1,G10,G12 The paper estimates and examines the empirical plausibiltiy of asset prici...
We present a simple model of asset pricing in which payoff salience drives investors' demand for ris...
We present empirical evidence on the asset pricing implications of salience theory. In our model, in...
We present evidence on the asset pricing implications of salience theory. In our model, investors ov...
We present a theory of choice among lotteries in which the decision maker's attention is drawn to (p...
Standard representative-agent models have di¢culty in accounting for the weak correlation between st...
We propose a model in which investors cannot costlessly process information from asset prices. At th...
The financial markets are full of puzzles. In the aggregate market, stocks earn returns that cannot ...
Research on human attention indicates that objects that stand out from their surroundings, i.e., sal...
Feedback effects from asset prices to firm cash flows have been empirically documented. This finding...
Investors in equilibrium are modeled as facing investor specific risks across the space of assets. P...
Market folklore says that investors abhor uncertainty. But if there were no uncertainty, investors c...
In the first chapter, Christian Goulding and I present a model of asset prices with recursive prefer...
This paper presents a simple rational expectations model of intertemporal asset pricing. It shows th...
The mean, covariability, and predictability of the return of different classes of financial assets c...
JEL No. G0,G00,G1,G10,G12 The paper estimates and examines the empirical plausibiltiy of asset prici...
DOI
Add to ORKG