simple form with forward rates: as theory suggests, the largest discrepancies are at short maturities. (ii) Reasonable …

decision theory to characterize when learning or discriminating among competing probability models is challenging. I also use … choice theory under uncertainty to explore the ramifications of model uncertainty and learning in environments in which … underpinnings of asset pricing models. I illustrate how statistical ambiguity can alter the risk-return tradeoff familiar from asset …

theory. This model could be generated by time-varying risk premia which are correlated with expected increases in short …The expectations theory of the term structure implies that the spread between a longer-term interest rate and a shorter … the longer-term bond tends to fall, contrary to the expectations theory; at the same time, the shorter-term interest rate …

. We show that as this fraction fluctuates, the risk premium that investors require to hold stocks varies as well. We test …

, and a risk premium reflecting the stochastic nature of equity payoffs and the deterministic nature of payoffs on reckless … bills. This paper analyzes term premia and the risk premia in a general equilibrium model with catching up with the Joneses …