Risk premia in the consumption capital asset pricing model depend on preferences and dividends. We develop a … decomposition which allows for the separate treatment of both components. We show that preferences alone determine the risk …-return trade-off measured by the Sharpe-ratio. In general, the risk-return trade-off implied by preferences depends on the …

This Paper examines changes in the distribution of wages using bounds to allow for the impact of non-random selection … into work. We show that bounds constructed without any economic or statistical assumptions can be informative. Since … we explore ways to tighten these bounds using restrictions motivated from economic theory. With these assumptions we find …

that bound various average and quantile effects. For these bounds, consistent, nonparametric estimators are proposed. In a …