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The Equity Premium Puzzle: Explanations and Implications

Grant, Simon; Quiggin, John

Description

Analysis of the equity premium puzzle has focused on private sector capital markets. The object of this paper is to consider the welfare and policy implications of each of the broad classes of explanations of the equity and premium puzzle. As would be expected, the greater the deviation from the first-best outcome implied by a given explanation of the equity premium puzzle, the more interventionist are the implied policy conclusions. Nevertheless, even explanations of the equity premium puzzle...[Show more]

CollectionsANU Research Publications
Date published: 2001
Type: Working/Technical Paper
URI: http://hdl.handle.net/1885/40520
http://digitalcollections.anu.edu.au/handle/1885/40520

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