时间可加等弹性期望效用模型下的主观贴现因子和相对风险厌恶系数
The subjective discount factor and the coefficient of relative risk aversion under time-additive isoelastic expected utility model
摘要：
通过分析保证资本市场均衡存在的约束条件，指出相对风险厌恶系数和主观贴现因子不可能同时很高，以使标准资产定价与金融典型事实相一致。
英文摘要：
By analysing the restrictions that ensure the existence of capital market equilibrium, we show that the coefficient of relative risk aversion and the subjective discount factor cannot be high simultaneously as they are supposed to be to make the standard asset pricing consistent with financial stylised facts.
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。
