Jouini, Elyès; Napp, Clotilde - EconWPA - 2003
The aim of the paper is to analyze the impact of heterogeneous beliefs in an otherwise standard competitive complete … heterogeneous beliefs framework and to analyze the impact of belief heterogeneity. We prove that in many cases, the impact of belief … of the heterogeneity of beliefs as a source of risk (see Cragg and Malkiel, 1982). However, our results permits us to …