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摘要翻译：
在非常一般的条件下，我们构造了一个具有大量异构主体的封闭经济的微观-宏观模型。通过引入金融资本（即价值资本--企业股票）和实物资本（即资本品），我们的框架给出了一个逻辑一致的、完整的、具有微观基础的要素收益分配理论。该模型表明，要素收入在微观和宏观两个层次上服从不同的分配规律，边际分配理论和无套利理论统一在一个共同的框架内。我们的努力解决了剑桥资本争议的主要问题，合理解释了股权溢价之谜。强有力的经验证据支持我们的结果。
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英文标题：
《A Contribution to Theory of Factor Income Distribution, Cambridge
Capital Controversy and Equity Premium Puzzle》
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作者：
Xiaofeng Liu
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最新提交年份：
2019
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分类信息：
一级分类：Economics 经济学
二级分类：Theoretical Economics 理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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英文摘要：
Under very general conditions, we construct a micro-macro model for closed economy with a large number of heterogeneous agents. By introducing both financial capital (i.e. valued capital---- equities of firms) and physical capital (i.e. capital goods), our framework gives a logically consistent, complete factor income distribution theory with micro-foundation. The model shows factor incomes obey different distribution rules at the micro and macro levels, while marginal distribution theory and no-arbitrage princi-ple are unified into a common framework. Our efforts solve the main problems of Cambridge capital controversy, and reasonably explain the equity premium puzzle. Strong empirical evidences support our results.
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PDF链接：
https://arxiv.org/pdf/1911.12490
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