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- Equity_premium_puzzle abstract "The equity premium puzzle refers to the phenomenon that observed returns on stocks over the past century are much higher than returns on government bonds. It is a term coined by Rajnish Mehra and Edward C. Prescott in 1985, although in 1982 Robert J. Shiller published the first calculation that showed that either a large risk aversion coefficient or counterfactually large consumption variability was required to explain the means and variances of asset returns. Economists expect arbitrage opportunities would reduce the difference in returns on these two investment opportunities to reflect the risk premium investors demand to invest in relatively more risky stocks.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 prefer a certain payoff of $51,300 to 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 numerically plausible explanations have been presented, but no one solution is generally accepted by economists.".
- Equity_premium_puzzle wikiPageID "1021521".
- Equity_premium_puzzle wikiPageLength "14740".
- Equity_premium_puzzle wikiPageOutDegree "47".
- Equity_premium_puzzle wikiPageRevisionID "697781988".
- Equity_premium_puzzle wikiPageWikiLink Adverse_selection.
- Equity_premium_puzzle wikiPageWikiLink Arbitrage.
- Equity_premium_puzzle wikiPageWikiLink Capital_asset_pricing_model.
- Equity_premium_puzzle wikiPageWikiLink Category:1985_introductions.
- Equity_premium_puzzle wikiPageWikiLink Category:Behavioral_finance.
- Equity_premium_puzzle wikiPageWikiLink Category:Economic_puzzles.
- Equity_premium_puzzle wikiPageWikiLink Category:Economics_of_uncertainty.
- Equity_premium_puzzle wikiPageWikiLink Category:Finance_theories.
- Equity_premium_puzzle wikiPageWikiLink Category:Prospect_theory.
- Equity_premium_puzzle wikiPageWikiLink Category:Stock_market.
- Equity_premium_puzzle wikiPageWikiLink Consumption_smoothing.
- Equity_premium_puzzle wikiPageWikiLink Dividend.
- Equity_premium_puzzle wikiPageWikiLink Economic_puzzle.
- Equity_premium_puzzle wikiPageWikiLink Edward_C._Prescott.
- Equity_premium_puzzle wikiPageWikiLink Ellsberg_paradox.
- Equity_premium_puzzle wikiPageWikiLink Financial_economics.
- Equity_premium_puzzle wikiPageWikiLink Forward_premium_anomaly.
- Equity_premium_puzzle wikiPageWikiLink Implied_volatility.
- Equity_premium_puzzle wikiPageWikiLink Info-gap_decision_theory.
- Equity_premium_puzzle wikiPageWikiLink Interest.
- Equity_premium_puzzle wikiPageWikiLink Intertemporal_consumption.
- Equity_premium_puzzle wikiPageWikiLink Jeremy_Siegel.
- Equity_premium_puzzle wikiPageWikiLink John_Quiggin.
- Equity_premium_puzzle wikiPageWikiLink List_of_cognitive_biases.
- Equity_premium_puzzle wikiPageWikiLink Long_run_and_short_run.
- Equity_premium_puzzle wikiPageWikiLink Loss_aversion.
- Equity_premium_puzzle wikiPageWikiLink Macroeconomics.
- Equity_premium_puzzle wikiPageWikiLink Market_failure.
- Equity_premium_puzzle wikiPageWikiLink Market_liquidity.
- Equity_premium_puzzle wikiPageWikiLink Moral_hazard.
- Equity_premium_puzzle wikiPageWikiLink Prospect_theory.
- Equity_premium_puzzle wikiPageWikiLink Rajnish_Mehra.
- Equity_premium_puzzle wikiPageWikiLink Real_exchange-rate_puzzles.
- Equity_premium_puzzle wikiPageWikiLink Research.
- Equity_premium_puzzle wikiPageWikiLink Risk_aversion.
- Equity_premium_puzzle wikiPageWikiLink Risk_premium.
- Equity_premium_puzzle wikiPageWikiLink Robert_J._Shiller.
- Equity_premium_puzzle wikiPageWikiLink Satisficing.
- Equity_premium_puzzle wikiPageWikiLink Selection_bias.
- Equity_premium_puzzle wikiPageWikiLink Statistical_power.
- Equity_premium_puzzle wikiPageWikiLink Stock_market_bubble.
- Equity_premium_puzzle wikiPageWikiLink Survivorship_bias.
- Equity_premium_puzzle wikiPageWikiLink Transaction_cost.
- Equity_premium_puzzle wikiPageWikiLink VIX.
- Equity_premium_puzzle wikiPageWikiLink Valuation_(finance).
- Equity_premium_puzzle wikiPageWikiLinkText "Equity premium puzzle".
- Equity_premium_puzzle wikiPageWikiLinkText "The Equity Premium: A Puzzle".
- Equity_premium_puzzle wikiPageWikiLinkText "equity premium puzzle".
- Equity_premium_puzzle wikiPageWikiLinkText "equity premium".
- Equity_premium_puzzle wikiPageWikiLinkText "equity risk premium".
- Equity_premium_puzzle wikiPageUsesTemplate Template:Citation_needed.
- Equity_premium_puzzle wikiPageUsesTemplate Template:Cite_journal.
- Equity_premium_puzzle wikiPageUsesTemplate Template:Refimprove_section.
- Equity_premium_puzzle wikiPageUsesTemplate Template:Reflist.
- Equity_premium_puzzle wikiPageUsesTemplate Template:Stock_market.
- 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 Field.
- Equity_premium_puzzle type Market.
- Equity_premium_puzzle type Redirect.
- Equity_premium_puzzle type Theory.
- Equity_premium_puzzle comment "The equity premium puzzle refers to the phenomenon that observed returns on stocks over the past century are much higher than returns on government bonds. It is a term coined by Rajnish Mehra and Edward C. Prescott in 1985, although in 1982 Robert J. Shiller published the first calculation that showed that either a large risk aversion coefficient or counterfactually large consumption variability was required to explain the means and variances of asset returns.".
- Equity_premium_puzzle label "Equity premium puzzle".
- Equity_premium_puzzle sameAs Q129096.
- Equity_premium_puzzle sameAs Equity_Premium_Puzzle.
- Equity_premium_puzzle sameAs Equity_premium_puzzle.
- Equity_premium_puzzle sameAs エクイティプレミアムパズル.
- Equity_premium_puzzle sameAs Zagadka_premii_za_ryzyko.
- Equity_premium_puzzle sameAs m.03_04t.
- Equity_premium_puzzle sameAs Загадка_премії_за_ризик_інвестицій_в_акції.
- Equity_premium_puzzle sameAs Q129096.
- Equity_premium_puzzle wasDerivedFrom Equity_premium_puzzle?oldid=697781988.
- Equity_premium_puzzle isPrimaryTopicOf Equity_premium_puzzle.