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Disagreement, Tastes, and Asset Prices


Eugene F. Fama


University of Chicago - Booth School of Business (Finance Authors)

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.

Number of Pages in PDF File: 35

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Date posted: November 17, 2005  

Suggested Citation

Fama, Eugene F. and French, Kenneth R., Disagreement, Tastes, and Asset Prices (November 2005). CRSP Working Paper No. 552; Tuck Business School Working Paper No. 2004-03. Available at SSRN: http://ssrn.com/abstract=502605 or http://dx.doi.org/10.2139/ssrn.502605

Contact Information

Eugene F. Fama (Contact Author)
University of Chicago - Booth School of Business (Finance Authors) ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-7282 (Phone)
773-702-9937 (Fax)
Kenneth R. French
Dartmouth College - Tuck School of Business ( email )
Hanover, NH 03755
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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