Páscoa, Mário; Petrassi, Myrian; Torres-Martínez, … - Departamento de Economía, Facultad de Economía y Negocios - 2008
It is well known that, under uniform impatience, positive net supply assets are free of bubbles for non-arbitrage kernel deflators that yield finite present values of wealth. However, this does not mean that prices cannot be above the series of deflated dividends for the deflators given by the...