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Preferences and asset pricing: a survey about habit persistence
Belén Nieto |
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This paper provides an overall perspective on how habit persistence in preferences affects asset pricing. Starting with the exposition of the problem generated when time separable preferences are assumed, this work progressively presents the alternative ways in which temporal dependence solves the empirical puzzles found in literature. Hence, the theoretical foundations and the empirical implication of the most relevant models with habit persistence are analyzed.
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