一次交易一次——解开股权溢价之谜
One trade at a time -- unraveling the Equity Premium Puzzle
AI总结：
本文通过研究金融产品设计的理性本质，解决了股权溢价之谜，并提出了一个经过实验验证的产品设计理论。
摘要：
金融市场为理解一些最复杂的人类行为提供了天然的量化实验室。其中一个是数学工具，即金融工具的使用。除了货币之外，两种最基本的金融工具是债券和股权。30多年前，Mehra和Prescott发现股权相对于政府债券的数值表现无法用基于消费的（主流）经济理论来解释。这一经验观察，即股权溢价之谜，自那时起一直在挑战主流经济学。最近的金融危机揭示了对金融产品理解的更深层次需求。我们展示了如何通过理解产品设计的理性本质来解决股权溢价之谜。在此过程中，我们获得了一个经过实验验证的产品设计理论。
英文摘要：
Financial markets provide a natural quantitative lab for understanding some of the most advanced human behaviours. Among them is the use of mathematical tools known as financial instruments. Besides money, the two most fundamental financial instruments are bonds and equities. More than 30 years ago Mehra and Prescott found the numerical performance of equities relative to government bonds could not be explained by consumption-based (mainstream) economic theories. This empirical observation, known as the Equity Premium Puzzle, has been defying mainstream economics ever since. The recent financial crisis revealed an even deeper need for understanding financial products. We show how understanding the rational nature of product design resolves the Equity Premium Puzzle. In doing so we obtain an experimentally tested theory of product design.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
