Why Those Guys Won the Economics Nobels
Harvard Business Review
APRIL 2, 2014
So do not be discouraged to learn that we start with something called the stochastic discount factor , which Campbell describes as the central idea of modern asset-pricing theory. Lars’s guys are irrational in a level-headed way, and Bob Shiller’s guys are irrational in a way that is subject to these social fads and fashions.
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