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- Equity_premium_puzzle abstract "The equity premium puzzle is a term coined in 1985 by Rajnish Mehra and Edward C. Prescott in their seminal work of the same name, and refers to a lack of consensus among economists on why demand for government bonds—which return much less than stocks—is as high as it is, and even why the demand exists at all. The intuitive notion that stocks are much riskier than bonds is not a sufficient explanation as the magnitude of the disparity between the two returns, the equity risk premium (ERP), is so great that it implies an implausibly high level of investor risk aversion that is fundamentally incompatible with other branches of economics, particularly macroeconomics and financial economics.The process of calculating the equity risk premium, and selection of the data used, is highly subjective to the study in question, but is generally accepted to be in the range of 3–7% in the long-run. Dimson et al. calculated a premium of "around 3–3.5% on a geometric mean basis" for global equity markets during 1900–2005 (2006). However, over any one decade, the premium shows great variability—from over 19% in the 1950s to 0.3% in the 1970s.To quantify the level of risk aversion implied if these figures represented the expected outperformance of equities over bonds, investors would be indifferent between a certain payoff of $51,209 and a 50/50 bet paying either $50,000 or $100,000.The puzzle has led to an extensive research effort in both macroeconomics and finance. So far a range of useful theoretical tools and several plausible explanations have been presented, but no one solution is generally accepted by economists.".
- Equity_premium_puzzle wikiPageID "1021521".
- Equity_premium_puzzle wikiPageRevisionID "602791997".
- Equity_premium_puzzle hasPhotoCollection Equity_premium_puzzle.
- Equity_premium_puzzle subject Category:1985_introductions.
- Equity_premium_puzzle subject Category:Behavioral_finance.
- Equity_premium_puzzle subject Category:Economic_puzzles.
- Equity_premium_puzzle subject Category:Economics_of_uncertainty.
- Equity_premium_puzzle subject Category:Finance_theories.
- Equity_premium_puzzle subject Category:Prospect_theory.
- Equity_premium_puzzle subject Category:Stock_market.
- Equity_premium_puzzle type Abstraction100002137.
- Equity_premium_puzzle type Cognition100023271.
- Equity_premium_puzzle type Communication100033020.
- Equity_premium_puzzle type EconomicPuzzles.
- Equity_premium_puzzle type Explanation105793000.
- Equity_premium_puzzle type FinanceTheories.
- Equity_premium_puzzle type HigherCognitiveProcess105770664.
- Equity_premium_puzzle type Message106598915.
- Equity_premium_puzzle type Problem106784003.
- Equity_premium_puzzle type Process105701363.
- Equity_premium_puzzle type PsychologicalFeature100023100.
- Equity_premium_puzzle type Puzzle106784639.
- Equity_premium_puzzle type Question106783768.
- Equity_premium_puzzle type Subject106599788.
- Equity_premium_puzzle type Theory105989479.
- Equity_premium_puzzle type Thinking105770926.
- Equity_premium_puzzle comment "The equity premium puzzle is a term coined in 1985 by Rajnish Mehra and Edward C. Prescott in their seminal work of the same name, and refers to a lack of consensus among economists on why demand for government bonds—which return much less than stocks—is as high as it is, and even why the demand exists at all.".
- Equity_premium_puzzle label "Equity Premium Puzzle".
- Equity_premium_puzzle label "Equity premium puzzle".
- Equity_premium_puzzle label "Equity premium puzzle".
- Equity_premium_puzzle label "Zagadka premii za ryzyko".
- Equity_premium_puzzle sameAs Equity_Premium_Puzzle.
- Equity_premium_puzzle sameAs Equity_premium_puzzle.
- Equity_premium_puzzle sameAs Zagadka_premii_za_ryzyko.
- Equity_premium_puzzle sameAs m.03_04t.
- Equity_premium_puzzle sameAs Q129096.
- Equity_premium_puzzle sameAs Q129096.
- Equity_premium_puzzle sameAs Equity_premium_puzzle.
- Equity_premium_puzzle wasDerivedFrom Equity_premium_puzzle?oldid=602791997.
- Equity_premium_puzzle isPrimaryTopicOf Equity_premium_puzzle.