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Disagreement, Tastes, and Asset Prices
Eugene F. Fama University of Chicago - Booth School of Business Kenneth R. French Dartmouth College - Tuck School of Business; National Bureau of Economic Research (NBER) November 2005 CRSP Working Paper No. 552 Tuck Business School Working Paper No. 2004-03 Abstract: Standard asset pricing models assume that (i) there is complete agreement among investors about probability distributions of future payoffs on assets, and (ii) investors choose asset holdings based solely on anticipated payoffs; that is, investment assets are not also consumption goods. Both assumptions are unrealistic. We provide a simple framework for studying how disagreement and tastes for assets as consumption goods can affect asset prices. Working Paper Series Date posted: November 17, 2005 ; Last revised: August 08, 2008Suggested CitationContact Information
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