aversion related to probability weighting, we shed further light on the pricing kernel puzzle. While pricing kernels estimated …

aversion related to probability weighting, we shed further light on the pricing kernel puzzle. While pricing kernels estimated …

new explanation for the pricing kernel puzzle emerges. We show, by example, that even a tiny difference in tail …-risk perception by the two investor types can explain the pricing kernel puzzle. …

new explanation for the pricing kernel puzzle emerges. We show, by example, that even a tiny difference in tail …-risk perception by the two investor types can explain the pricing kernel puzzle. …

, regardless of the level of volatility, thus providing an explanation to the well known U-shaped pricing kernel puzzle …