Dées, Stéphane; Cadiou, Loïc; Allais, Olivier - In: Économie et Prévision 147 (2001) 1, pp. 1-18
[eng] The capital asset pricing model for consumption cannot explain observed equity premiums unless disproportionate risk aversion coefficients are used. The equity premium puzzle has been attributed in particular to the time-separability of consumer preferences. This paper investigates...