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Assets as consumptions goods

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  • pgreenfinch
    http://papers.ssrn.com/sol3/papers.cfm?abstract_id=502605 Disagreement, Tastes, and Asset Prices EUGENE F. FAMA KENNETH R. FRENCH May 2004 Tuck Business School
    Message 1 of 1 , Jul 2, 2004
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      http://papers.ssrn.com/sol3/papers.cfm?abstract_id=502605
      Disagreement, Tastes, and Asset Prices
      EUGENE F. FAMA
      KENNETH R. FRENCH
      May 2004
      Tuck Business School Working Paper No. 2004-03

      Abstract:
      Standard asset pricing models assume (i) that there is complete
      agreement among investors about probability distributions of future
      payoffs on assets, and (ii) investors choose asset holdings based
      solely on anticipated payoffs; that is, investment assets are not
      also consumption goods. Both assumptions are unrealistic. We provide
      a simple framework for studying how disagreement and tastes for
      assets as consumption goods can affect asset prices.

      Peter
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