英文标题：
《One trade at a time -- unraveling the Equity Premium Puzzle》
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作者：
Andrei N. Soklakov
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最新提交年份：
2020
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英文摘要：
Financial markets provide a natural quantitative lab for understanding some of the most advanced human behaviours. Among them is the use of mathematical tools known as financial instruments. Besides money, the two most fundamental financial instruments are bonds and equities. More than 30 years ago Mehra and Prescott found the numerical performance of equities relative to government bonds could not be explained by consumption-based (mainstream) economic theories. This empirical observation, known as the Equity Premium Puzzle, has been defying mainstream economics ever since. The recent financial crisis revealed an even deeper need for understanding financial products. We show how understanding the rational nature of product design resolves the Equity Premium Puzzle. In doing so we obtain an experimentally tested theory of product design.
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中文摘要：
金融市场为理解一些最先进的人类行为提供了一个自然的定量实验室。其中包括使用被称为金融工具的数学工具。除了货币，最基本的两种金融工具是债券和股票。30多年前，Mehra和Prescott发现，基于消费的（主流）经济理论无法解释股票相对于政府债券的数字表现。这种被称为“股权溢价之谜”的经验性观察自此就一直在挑战主流经济学。最近的金融危机揭示了对理解金融产品的更深层次的需求。我们展示了理解产品设计的理性本质如何解决股权溢价之谜。通过这样做，我们获得了经过实验验证的产品设计理论。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance 数量金融学
二级分类：Mathematical Finance 数学金融学
分类描述：Mathematical and analytical methods of finance, including stochastic, probabilistic and functional analysis, algebraic, geometric and other methods
金融的数学和分析方法，包括随机、概率和泛函分析、代数、几何和其他方法
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一级分类：Quantitative Finance 数量金融学
二级分类：Statistical Finance 统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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