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Department of Finance, LSE
Professor of Finance
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American Economic Review, 112 (8), 2465-2517
Journal of Finance, 76 (6), 3211-3254
This paper studies the restrictions on consumption, portfolio choice, and social discounting implied by a sustainability constraint, that utility...
We present a dynamic model featuring risk-averse investors with heterogeneous beliefs. Individual investors have stable beliefs and risk aversion, but...