This paper provides an explanation why garbage as a measure of consumption implies a several times lower coefficient of … Product Accounts (NIPA): Unlike garbage, NIPA consumption is filtered to mitigate measurement error. I apply a structural … model of the filtering process, which allows to revoke the filter inherent in NIPA consumption. Unfiltered NIPA consumption …

:12-2010:7 period for the USA and Japan. In contrast with previous empirical research, the findings show that the C-CAPM fits well for …The C-CAPM is examined-based on a constant relative risk aversion utility function. The subjective discount rate (beta … both countries yet for different time periods (1987:12-1996:11 and 1987:12-2001:1 for the USA and Japan respectively …

This note contains two remarks on the traditional capital asset pricing model (CAPM) with one risk-free asset. Firstly … the risk aversion is generally necessary to guarantee existence of an equilibrium in the CAPM with one risk-free asset …

In the standard CAPM with a riskless asset we prove existence of equilibria without assuming concavity of the investor …

In the standard CAPM with a riskless asset we give a sufficient condition for uniqueness. This condition is a joint … which is in particular satisfied with constant absolute risk aversion. Moreover in the CAPM without a riskless asset we give …

measure of risk aversion derived from the CAPM � a model that does not require those restrictive assumptions � we find … approximate the risk aversion parameter of a CAPM. This occurs if the ratio between the variance of the returns on assets and the …