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Search, Evaluate, and Read Evidence","\u002Fen\u002Facademic-writing\u002F02-reading-and-literature-matrix","en\u002Facademic-writing\u002F02-reading-and-literature-matrix",{"title":27,"path":28,"stem":29},"3. From Sources to Synthesis and Argument","\u002Fen\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs","en\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs",{"title":31,"path":32,"stem":33},"4. Literature Review and a Defensible Gap","\u002Fen\u002Facademic-writing\u002F04-writing-the-literature-review","en\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":35,"path":36,"stem":37},"5. Research Design, Evidence, and Core Sections","\u002Fen\u002Facademic-writing\u002F05-core-sections-and-evidence","en\u002Facademic-writing\u002F05-core-sections-and-evidence",{"title":39,"path":40,"stem":41},"6. Citation, Paraphrasing, Integrity, and AI","\u002Fen\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity","en\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity",{"title":43,"path":44,"stem":45},"7. Revision, Review, and Submission","\u002Fen\u002Facademic-writing\u002F07-revision-style-and-submission","en\u002Facademic-writing\u002F07-revision-style-and-submission",{"title":47,"path":48,"stem":49},"8. Research Workbook","\u002Fen\u002Facademic-writing\u002F08-literature-review-checklist-and-template","en\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":51,"path":52,"stem":53},"9. Research Workflow and Tools","\u002Fen\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management","en\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management",{"title":55,"path":56,"stem":57},"10. Worked Project — From Question to Defensible Conclusion","\u002Fen\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain","en\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain",{"title":59,"path":60,"stem":61,"children":62,"page":249},"Accounting","\u002Fen\u002Faccounting","en\u002Faccounting",[63,69,87,93,193],{"title":64,"path":65,"stem":66,"children":67},"Accounting — From Evidence to Decisions","\u002Fen\u002Faccounting\u002F00-index","en\u002Faccounting\u002F00-index",[68],{"title":64,"path":65,"stem":66},{"title":70,"path":71,"stem":72,"children":73},"Accounting Appendix","\u002Fen\u002Faccounting\u002Fappendix","en\u002Faccounting\u002Fappendix\u002Findex",[74,75,79,83],{"title":70,"path":71,"stem":72},{"title":76,"path":77,"stem":78},"Worked Examples and Error Diagnosis","\u002Fen\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls","en\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls",{"title":80,"path":81,"stem":82},"Accounting Glossary","\u002Fen\u002Faccounting\u002Fappendix\u002F26-glossary","en\u002Faccounting\u002Fappendix\u002F26-glossary",{"title":84,"path":85,"stem":86},"Reading and Evidence Map","\u002Fen\u002Faccounting\u002Fappendix\u002F27-reading-map","en\u002Faccounting\u002Fappendix\u002F27-reading-map",{"title":88,"path":89,"stem":90,"children":91},"Northstar Record-to-Decision Capstone","\u002Fen\u002Faccounting\u002Fcapstone","en\u002Faccounting\u002Fcapstone\u002Findex",[92],{"title":88,"path":89,"stem":90},{"title":94,"path":95,"stem":96,"children":97},"Financial Accounting","\u002Fen\u002Faccounting\u002Ffinancial-accounting","en\u002Faccounting\u002Ffinancial-accounting\u002Findex",[98,99,117,131,165,179],{"title":94,"path":95,"stem":96},{"title":100,"path":101,"stem":102,"children":103},"1. Foundations","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002Findex",[104,105,109,113],{"title":100,"path":101,"stem":102},{"title":106,"path":107,"stem":108},"Objectives and Qualitative Characteristics","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics",{"title":110,"path":111,"stem":112},"Equation and Elements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements",{"title":114,"path":115,"stem":116},"Accrual Basis, Estimates and Periods","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles",{"title":118,"path":119,"stem":120,"children":121},"2. Recording Transactions","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002Findex",[122,123,127],{"title":118,"path":119,"stem":120},{"title":124,"path":125,"stem":126},"Double-Entry and Debit\u002FCredit","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr",{"title":128,"path":129,"stem":130},"Accounting Cycle","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle",{"title":132,"path":133,"stem":134,"children":135},"3. Measurement and Adjustments","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002Findex",[136,137,141,145,149,153,157,161],{"title":132,"path":133,"stem":134},{"title":138,"path":139,"stem":140},"Revenue Recognition","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition",{"title":142,"path":143,"stem":144},"Inventory","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory",{"title":146,"path":147,"stem":148},"Receivables and Expected Credit Losses","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables",{"title":150,"path":151,"stem":152},"Property, Plant and Equipment","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe",{"title":154,"path":155,"stem":156},"Intangible Assets","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles",{"title":158,"path":159,"stem":160},"Leases","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases",{"title":162,"path":163,"stem":164},"Current and Deferred Income Tax","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax",{"title":166,"path":167,"stem":168,"children":169},"4. Reporting and Cash","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002Findex",[170,171,175],{"title":166,"path":167,"stem":168},{"title":172,"path":173,"stem":174},"Linked Financial Statements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements",{"title":176,"path":177,"stem":178},"Cash, Reconciliation and Internal Control","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control",{"title":180,"path":181,"stem":182,"children":183},"5. Analysis and Comparison","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002Findex",[184,185,189],{"title":180,"path":181,"stem":182},{"title":186,"path":187,"stem":188},"Ratio Analysis","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis",{"title":190,"path":191,"stem":192},"IFRS versus US GAAP","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap",{"title":194,"path":195,"stem":196,"children":197},"Management Accounting","\u002Fen\u002Faccounting\u002Fmanagement-accounting","en\u002Faccounting\u002Fmanagement-accounting\u002Findex",[198,199,217,235],{"title":194,"path":195,"stem":196},{"title":200,"path":201,"stem":202,"children":203},"1. Cost Foundations","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002Findex",[204,205,209,213],{"title":200,"path":201,"stem":202},{"title":206,"path":207,"stem":208},"Cost Concepts and Behaviour","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts",{"title":210,"path":211,"stem":212},"Costing Systems","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems",{"title":214,"path":215,"stem":216},"Variable and Absorption Costing","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption",{"title":218,"path":219,"stem":220,"children":221},"2. Planning and Control","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002Findex",[222,223,227,231],{"title":218,"path":219,"stem":220},{"title":224,"path":225,"stem":226},"Cost–Volume–Profit Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis",{"title":228,"path":229,"stem":230},"Budgeting and Variance Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances",{"title":232,"path":233,"stem":234},"Performance Measurement","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement",{"title":236,"path":237,"stem":238,"children":239},"3. Decisions and Investment","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002Findex",[240,241,245],{"title":236,"path":237,"stem":238},{"title":242,"path":243,"stem":244},"Short-Term Decisions","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions",{"title":246,"path":247,"stem":248},"Capital Budgeting","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting",false,{"title":251,"path":252,"stem":253,"children":254,"page":249},"Business Analytics","\u002Fen\u002Fbusiness-analytics","en\u002Fbusiness-analytics",[255,261,279,305,335,365,383,400],{"title":256,"path":257,"stem":258,"children":259},"Business Analytics — From Data to Defensible Action","\u002Fen\u002Fbusiness-analytics\u002F00-index","en\u002Fbusiness-analytics\u002F00-index",[260],{"title":256,"path":257,"stem":258},{"title":262,"path":263,"stem":264,"children":265},"0. Decision and Data Foundations","\u002Fen\u002Fbusiness-analytics\u002F00-intro","en\u002Fbusiness-analytics\u002F00-intro\u002Findex",[266,267,271,275],{"title":262,"path":263,"stem":264},{"title":268,"path":269,"stem":270},"Decision Framing","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing","en\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing",{"title":272,"path":273,"stem":274},"Data Contracts","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts","en\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts",{"title":276,"path":277,"stem":278},"Reproducible Analytics Workflow","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow","en\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow",{"title":280,"path":281,"stem":282,"children":283},"1. Descriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive","en\u002Fbusiness-analytics\u002F01-descriptive\u002Findex",[284,285,289,293,297,301],{"title":280,"path":281,"stem":282},{"title":286,"path":287,"stem":288},"Distributions and Exploratory Data Analysis","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda","en\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda",{"title":290,"path":291,"stem":292},"KPIs and Denominators","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators","en\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators",{"title":294,"path":295,"stem":296},"Segments, Cohorts and Funnels","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels","en\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels",{"title":298,"path":299,"stem":300},"Visual Evidence and Data Stories","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story","en\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story",{"title":302,"path":303,"stem":304},"Experiments and Causal Boundaries","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary","en\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary",{"title":306,"path":307,"stem":308,"children":309},"2. Predictive Analytics","\u002Fen\u002Fbusiness-analytics\u002F02-predictive","en\u002Fbusiness-analytics\u002F02-predictive\u002Findex",[310,311,315,319,323,327,331],{"title":306,"path":307,"stem":308},{"title":312,"path":313,"stem":314},"Validation, Baselines and Leakage","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage","en\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage",{"title":316,"path":317,"stem":318},"Regression and Forecasting","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting","en\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting",{"title":320,"path":321,"stem":322},"Classification and Calibration","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration","en\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration",{"title":324,"path":325,"stem":326},"Trees and Ensembles","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles","en\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles",{"title":328,"path":329,"stem":330},"Decision Metrics and Thresholds","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds","en\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds",{"title":332,"path":333,"stem":334},"Explainability, Monitoring and Drift","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift","en\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift",{"title":336,"path":337,"stem":338,"children":339},"3. Prescriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive","en\u002Fbusiness-analytics\u002F03-prescriptive\u002Findex",[340,341,345,349,353,357,361],{"title":336,"path":337,"stem":338},{"title":342,"path":343,"stem":344},"Decision-Making under Uncertainty","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty",{"title":346,"path":347,"stem":348},"Linear Optimisation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization",{"title":350,"path":351,"stem":352},"Inventory and Allocation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation",{"title":354,"path":355,"stem":356},"Queueing and Simulation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation",{"title":358,"path":359,"stem":360},"Pricing and Revenue Management","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation",{"title":362,"path":363,"stem":364},"Causal Targeting and Policy Learning","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting",{"title":366,"path":367,"stem":368,"children":369},"4. Deployment and Governance","\u002Fen\u002Fbusiness-analytics\u002F04-deployment","en\u002Fbusiness-analytics\u002F04-deployment\u002Findex",[370,371,375,379],{"title":366,"path":367,"stem":368},{"title":372,"path":373,"stem":374},"Data Products and Monitoring","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring","en\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring",{"title":376,"path":377,"stem":378},"Governance, Fairness and Privacy","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy","en\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy",{"title":380,"path":381,"stem":382},"Adoption and Business Value","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value","en\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value",{"title":384,"path":385,"stem":386,"children":387},"Appendix and Revision Tools","\u002Fen\u002Fbusiness-analytics\u002Fappendix","en\u002Fbusiness-analytics\u002Fappendix\u002Findex",[388,389,393,397],{"title":384,"path":385,"stem":386},{"title":390,"path":391,"stem":392},"Formula and Decision Map","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map","en\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map",{"title":394,"path":395,"stem":396},"Worked Examples and Pitfalls","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls","en\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls",{"title":84,"path":398,"stem":399},"\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map","en\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map",{"title":401,"path":402,"stem":403,"children":404},"Capstone — The Evening Delivery Promise","\u002Fen\u002Fbusiness-analytics\u002Fcapstone","en\u002Fbusiness-analytics\u002Fcapstone\u002Findex",[405],{"title":401,"path":402,"stem":403},{"title":407,"path":408,"stem":409,"children":410,"page":249},"Financial Economic Time Series","\u002Fen\u002Ffinancial-economic-time-series","en\u002Ffinancial-economic-time-series",[411,417,423,429,435,441,447,453,459,465,471],{"title":412,"path":413,"stem":414,"children":415},"Financial and Economic Time Series — Course Guide","\u002Fen\u002Ffinancial-economic-time-series\u002F00-intro","en\u002Ffinancial-economic-time-series\u002F00-intro\u002Findex",[416],{"title":412,"path":413,"stem":414},{"title":418,"path":419,"stem":420,"children":421},"Three Versions of Time Series","\u002Fen\u002Ffinancial-economic-time-series\u002F01-bridge","en\u002Ffinancial-economic-time-series\u002F01-bridge\u002Findex",[422],{"title":418,"path":419,"stem":420},{"title":424,"path":425,"stem":426,"children":427},"Data, Clocks, and Transformations","\u002Fen\u002Ffinancial-economic-time-series\u002F02-data-transformations","en\u002Ffinancial-economic-time-series\u002F02-data-transformations\u002Findex",[428],{"title":424,"path":425,"stem":426},{"title":430,"path":431,"stem":432,"children":433},"Predictive Regressions and Persistent Predictors","\u002Fen\u002Ffinancial-economic-time-series\u002F03-predictive-regressions","en\u002Ffinancial-economic-time-series\u002F03-predictive-regressions\u002Findex",[434],{"title":430,"path":431,"stem":432},{"title":436,"path":437,"stem":438,"children":439},"Volatility, Tails, and Financial Risk","\u002Fen\u002Ffinancial-economic-time-series\u002F04-volatility-risk","en\u002Ffinancial-economic-time-series\u002F04-volatility-risk\u002Findex",[440],{"title":436,"path":437,"stem":438},{"title":442,"path":443,"stem":444,"children":445},"Unit Roots, Cointegration, and Error Correction","\u002Fen\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration","en\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration\u002Findex",[446],{"title":442,"path":443,"stem":444},{"title":448,"path":449,"stem":450,"children":451},"VAR, Structural Identification, and Local Projections","\u002Fen\u002Ffinancial-economic-time-series\u002F06-var-identification","en\u002Ffinancial-economic-time-series\u002F06-var-identification\u002Findex",[452],{"title":448,"path":449,"stem":450},{"title":454,"path":455,"stem":456,"children":457},"State Space, Mixed Frequency, and Nowcasting","\u002Fen\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting","en\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting\u002Findex",[458],{"title":454,"path":455,"stem":456},{"title":460,"path":461,"stem":462,"children":463},"Forecast Evaluation for Decisions","\u002Fen\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation","en\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation\u002Findex",[464],{"title":460,"path":461,"stem":462},{"title":466,"path":467,"stem":468,"children":469},"Integrated R Laboratory","\u002Fen\u002Ffinancial-economic-time-series\u002F09-r-laboratory","en\u002Ffinancial-economic-time-series\u002F09-r-laboratory\u002Findex",[470],{"title":466,"path":467,"stem":468},{"title":472,"path":473,"stem":474,"children":475},"Capstones, Data, and Reading Ladder","\u002Fen\u002Ffinancial-economic-time-series\u002F10-capstone-readings","en\u002Ffinancial-economic-time-series\u002F10-capstone-readings\u002Findex",[476],{"title":472,"path":473,"stem":474},{"title":478,"path":479,"stem":480,"children":481,"page":249},"Intro To Economics","\u002Fen\u002Fintro-to-economics","en\u002Fintro-to-economics",[482,486,490,494,498,502,506,510,514,518,522,526,530],{"title":483,"path":484,"stem":485},"Introduction to Economics — Decisions, Markets, and the Macroeconomy","\u002Fen\u002Fintro-to-economics\u002F00-intro","en\u002Fintro-to-economics\u002F00-intro",{"title":487,"path":488,"stem":489},"Chapter 1 — Choice, Opportunity Cost, and Trade","\u002Fen\u002Fintro-to-economics\u002F01-foundations","en\u002Fintro-to-economics\u002F01-foundations",{"title":491,"path":492,"stem":493},"Chapter 2 — Demand, Supply, Equilibrium, and Welfare","\u002Fen\u002Fintro-to-economics\u002F02-demand-and-supply","en\u002Fintro-to-economics\u002F02-demand-and-supply",{"title":495,"path":496,"stem":497},"Chapter 3 — Elasticity, Revenue, and Tax Incidence","\u002Fen\u002Fintro-to-economics\u002F03-elasticity","en\u002Fintro-to-economics\u002F03-elasticity",{"title":499,"path":500,"stem":501},"Chapter 4 — Firms, Market Power, and Market Failure","\u002Fen\u002Fintro-to-economics\u002F04-market-structures","en\u002Fintro-to-economics\u002F04-market-structures",{"title":503,"path":504,"stem":505},"Chapter 5 — GDP, Income, Wealth, and Welfare","\u002Fen\u002Fintro-to-economics\u002F05-gdp-and-wealth","en\u002Fintro-to-economics\u002F05-gdp-and-wealth",{"title":507,"path":508,"stem":509},"Chapter 6 — Inflation, Purchasing Power, and Labour Markets","\u002Fen\u002Fintro-to-economics\u002F06-inflation-and-unemployment","en\u002Fintro-to-economics\u002F06-inflation-and-unemployment",{"title":511,"path":512,"stem":513},"Chapter 7 — Productivity, Technology, and Economic Growth","\u002Fen\u002Fintro-to-economics\u002F07-economic-growth","en\u002Fintro-to-economics\u002F07-economic-growth",{"title":515,"path":516,"stem":517},"Chapter 8 — Money, Credit, and Banking","\u002Fen\u002Fintro-to-economics\u002F08-money-and-banking","en\u002Fintro-to-economics\u002F08-money-and-banking",{"title":519,"path":520,"stem":521},"Chapter 9 — Business Cycles, AD–AS, and Monetary Policy","\u002Fen\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as","en\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as",{"title":523,"path":524,"stem":525},"Chapter 10 — Fiscal Policy, Distribution, and Public Debt","\u002Fen\u002Fintro-to-economics\u002F10-fiscal-policy","en\u002Fintro-to-economics\u002F10-fiscal-policy",{"title":527,"path":528,"stem":529},"Chapter 11 — Trade, Capital Flows, and Exchange Rates","\u002Fen\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates","en\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates",{"title":531,"path":532,"stem":533},"Chapter 12 — Integrated Economic Analysis Studio","\u002Fen\u002Fintro-to-economics\u002F12-review-and-case-studies","en\u002Fintro-to-economics\u002F12-review-and-case-studies",{"title":535,"path":536,"stem":537,"children":538,"page":249},"Microeconometrics","\u002Fen\u002Fmicroeconometrics","en\u002Fmicroeconometrics",[539,557,563,581,603,629,651,673,691,709],{"title":540,"path":541,"stem":542,"children":543},"0. Causal Questions and Designs","\u002Fen\u002Fmicroeconometrics\u002F00-foundations","en\u002Fmicroeconometrics\u002F00-foundations\u002Findex",[544,545,549,553],{"title":540,"path":541,"stem":542},{"title":546,"path":547,"stem":548},"Causal Questions and Estimands","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands","en\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands",{"title":550,"path":551,"stem":552},"Potential Outcomes and Experiments","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments","en\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments",{"title":554,"path":555,"stem":556},"Causal Diagrams and Controls","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls","en\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls",{"title":558,"path":559,"stem":560,"children":561},"Microeconometrics — Designing Credible Counterfactuals","\u002Fen\u002Fmicroeconometrics\u002F00-index","en\u002Fmicroeconometrics\u002F00-index",[562],{"title":558,"path":559,"stem":560},{"title":564,"path":565,"stem":566,"children":567},"1. Regression and Inference","\u002Fen\u002Fmicroeconometrics\u002F01-regression","en\u002Fmicroeconometrics\u002F01-regression\u002Findex",[568,569,573,577],{"title":564,"path":565,"stem":566},{"title":570,"path":571,"stem":572},"OLS as a Projection","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection","en\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection",{"title":574,"path":575,"stem":576},"FWL, Selection and Controls","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls","en\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls",{"title":578,"path":579,"stem":580},"Inference and Clustering","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering","en\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering",{"title":582,"path":583,"stem":584,"children":585},"2. Instruments and Panel Data","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002Findex",[586,587,591,595,599],{"title":582,"path":583,"stem":584},{"title":588,"path":589,"stem":590},"Instrumental Variables","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification",{"title":592,"path":593,"stem":594},"Weak Instruments and LATE","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late",{"title":596,"path":597,"stem":598},"Panel Fixed Effects","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects",{"title":600,"path":601,"stem":602},"Dynamic Panels and Limits","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel",{"title":604,"path":605,"stem":606,"children":607},"3. Policy Evaluation Designs","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs","en\u002Fmicroeconometrics\u002F03-policy-designs\u002Findex",[608,609,613,617,621,625],{"title":604,"path":605,"stem":606},{"title":610,"path":611,"stem":612},"Difference-in-Differences","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core",{"title":614,"path":615,"stem":616},"Staggered DID and Event Studies","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies",{"title":618,"path":619,"stem":620},"Regression Discontinuity","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd",{"title":622,"path":623,"stem":624},"Matching, Weighting and Overlap","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting",{"title":626,"path":627,"stem":628},"Synthetic Control","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control",{"title":630,"path":631,"stem":632,"children":633},"Module 4 — Choice and Limited Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002Findex",[634,635,639,643,647],{"title":630,"path":631,"stem":632},{"title":636,"path":637,"stem":638},"Binary Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice",{"title":640,"path":641,"stem":642},"Multinomial and Ordered Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice",{"title":644,"path":645,"stem":646},"Count Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes",{"title":648,"path":649,"stem":650},"Censoring, Truncation and Selection","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection",{"title":652,"path":653,"stem":654,"children":655},"Module 5 — Modern Causal Analysis","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal","en\u002Fmicroeconometrics\u002F05-modern-causal\u002Findex",[656,657,661,665,669],{"title":652,"path":653,"stem":654},{"title":658,"path":659,"stem":660},"Double Machine Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml",{"title":662,"path":663,"stem":664},"Heterogeneity and Policy Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy",{"title":666,"path":667,"stem":668},"Sensitivity and Partial Identification","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id",{"title":670,"path":671,"stem":672},"External Validity and Transport","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity",{"title":674,"path":675,"stem":676,"children":677},"Module 6 — From Data to Auditable Evidence","\u002Fen\u002Fmicroeconometrics\u002F06-workflow","en\u002Fmicroeconometrics\u002F06-workflow\u002Findex",[678,679,683,687],{"title":674,"path":675,"stem":676},{"title":680,"path":681,"stem":682},"Data Provenance","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance","en\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance",{"title":684,"path":685,"stem":686},"Reproducibility and Reporting","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting","en\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting",{"title":688,"path":689,"stem":690},"Paper and Evidence Audit","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit","en\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit",{"title":692,"path":693,"stem":694,"children":695},"Appendix — Revision and Evidence Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix","en\u002Fmicroeconometrics\u002Fappendix\u002Findex",[696,697,701,705],{"title":692,"path":693,"stem":694},{"title":698,"path":699,"stem":700},"Formula and Design Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map","en\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map",{"title":702,"path":703,"stem":704},"Ten Worked Microeconometric Pitfalls","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls","en\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls",{"title":706,"path":707,"stem":708},"Reading and Software Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map","en\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map",{"title":710,"path":711,"stem":712,"children":713},"Capstone — Should Northbridge Expand Pathways?","\u002Fen\u002Fmicroeconometrics\u002Fcapstone","en\u002Fmicroeconometrics\u002Fcapstone\u002Findex",[714],{"title":710,"path":711,"stem":712},{"title":716,"path":717,"stem":718,"children":719,"page":249},"Microeconomics","\u002Fen\u002Fmicroeconomics","en\u002Fmicroeconomics",[720,726,732,738,744,750,756,762,768,774,780,786,792],{"title":721,"path":722,"stem":723,"children":724},"Advanced Microeconomics — Course Guide","\u002Fen\u002Fmicroeconomics\u002F00-intro","en\u002Fmicroeconomics\u002F00-intro\u002Findex",[725],{"title":721,"path":722,"stem":723},{"title":727,"path":728,"stem":729,"children":730},"Module 1 — Choice, Duality, and Revealed Preference","\u002Fen\u002Fmicroeconomics\u002F01-fundations","en\u002Fmicroeconomics\u002F01-fundations\u002Findex",[731],{"title":727,"path":728,"stem":729},{"title":733,"path":734,"stem":735,"children":736},"Module 2 — Comparative Statics and Welfare Measurement","\u002Fen\u002Fmicroeconomics\u002F02-comparative-statics","en\u002Fmicroeconomics\u002F02-comparative-statics\u002Findex",[737],{"title":733,"path":734,"stem":735},{"title":739,"path":740,"stem":741,"children":742},"Module 3 — Choice under Risk and Insurance","\u002Fen\u002Fmicroeconomics\u002F03-uncertainty","en\u002Fmicroeconomics\u002F03-uncertainty\u002Findex",[743],{"title":739,"path":740,"stem":741},{"title":745,"path":746,"stem":747,"children":748},"Module 4 — General Equilibrium and Welfare","\u002Fen\u002Fmicroeconomics\u002F04-general-equilibrium","en\u002Fmicroeconomics\u002F04-general-equilibrium\u002Findex",[749],{"title":745,"path":746,"stem":747},{"title":751,"path":752,"stem":753,"children":754},"Module 5 — Static, Dynamic, and Repeated Games","\u002Fen\u002Fmicroeconomics\u002F05-game-theory","en\u002Fmicroeconomics\u002F05-game-theory\u002Findex",[755],{"title":751,"path":752,"stem":753},{"title":757,"path":758,"stem":759,"children":760},"Module 6 — Oligopoly, Entry, and Algorithmic Pricing","\u002Fen\u002Fmicroeconomics\u002F06-oligopoly","en\u002Fmicroeconomics\u002F06-oligopoly\u002Findex",[761],{"title":757,"path":758,"stem":759},{"title":763,"path":764,"stem":765,"children":766},"Module 7 — Information Economics and Contracts","\u002Fen\u002Fmicroeconomics\u002F07-information-economics","en\u002Fmicroeconomics\u002F07-information-economics\u002Findex",[767],{"title":763,"path":764,"stem":765},{"title":769,"path":770,"stem":771,"children":772},"Module 8 — Mechanism Design and Auctions","\u002Fen\u002Fmicroeconomics\u002F08-mechanism-design","en\u002Fmicroeconomics\u002F08-mechanism-design\u002Findex",[773],{"title":769,"path":770,"stem":771},{"title":775,"path":776,"stem":777,"children":778},"Module 9 — Behavioural and Experimental Microeconomics","\u002Fen\u002Fmicroeconomics\u002F09-behavioural-economics","en\u002Fmicroeconomics\u002F09-behavioural-economics\u002Findex",[779],{"title":775,"path":776,"stem":777},{"title":781,"path":782,"stem":783,"children":784},"Module 10 — Externalities, Public Goods, and Collective Action","\u002Fen\u002Fmicroeconomics\u002F10-externalities-public-goods","en\u002Fmicroeconomics\u002F10-externalities-public-goods\u002Findex",[785],{"title":781,"path":782,"stem":783},{"title":787,"path":788,"stem":789,"children":790},"Module 11 — Matching and Market Design","\u002Fen\u002Fmicroeconomics\u002F11-market-design","en\u002Fmicroeconomics\u002F11-market-design\u002Findex",[791],{"title":787,"path":788,"stem":789},{"title":793,"path":794,"stem":795,"children":796},"Module 12 — Integrated Microeconomic Design Studio","\u002Fen\u002Fmicroeconomics\u002F12-review","en\u002Fmicroeconomics\u002F12-review\u002Findex",[797],{"title":793,"path":794,"stem":795},{"title":799,"path":800,"stem":801,"children":802},"Playground","\u002Fen\u002Fplayground","en\u002Fplayground\u002Findex",[803,804,808,812,816,820],{"title":799,"path":800,"stem":801},{"title":805,"path":806,"stem":807},"Typst Plugin Playground","\u002Fen\u002Fplayground\u002F01-typstex","en\u002Fplayground\u002F01-typstex",{"title":809,"path":810,"stem":811},"Citation Plugin Test","\u002Fen\u002Fplayground\u002F02-citation","en\u002Fplayground\u002F02-citation",{"title":813,"path":814,"stem":815},"Pyodide Playground","\u002Fen\u002Fplayground\u002F03-pyodide","en\u002Fplayground\u002F03-pyodide",{"title":817,"path":818,"stem":819},"WebR Playground","\u002Fen\u002Fplayground\u002F04-webr","en\u002Fplayground\u002F04-webr",{"title":821,"path":822,"stem":823},"Chart.js 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文献综述的构建与写作","\u002Fzh\u002Facademic-writing\u002F04-writing-the-literature-review","zh\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":1056,"path":1057,"stem":1058},"8. 文献综述清单与模板","\u002Fzh\u002Facademic-writing\u002F08-literature-review-checklist-and-template","zh\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":1060,"path":1061,"stem":1062},"10. 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Alpha 策略全流程","\u002Fzh\u002Fquant\u002F09-case-study","zh\u002Fquant\u002F09-case-study",{"title":1779,"path":1780,"stem":1781},"量化投资文献与软件图谱","\u002Fzh\u002Fquant\u002F10-reading-software-map","zh\u002Fquant\u002F10-reading-software-map",null,{"id":1784,"title":1284,"body":1785,"description":5348,"extension":5349,"features":1782,"hero":1782,"layout":1782,"locale":1782,"meta":5350,"navigation":1782,"path":1285,"published":5353,"seo":5354,"stem":1286,"__hash__":5355},"docs\u002Fzh\u002Fasset-pricing\u002F06-intertemporal\u002Findex.md",{"type":1786,"value":1787,"toc":5327},"minimark",[1788,1792,1796,1799,1803,1863,1866,1869,1888,1891,1909,1912,1915,1961,1964,1967,2344,2514,2787,2790,3182,3436,3439,3444,3535,3763,3795,3798,3830,3862,3866,3869,4096,4099,4103,4106,4138,4142,4350,4353,4570,4573,4790,4793,4797,4872,4879,4882,4885,5049,5052,5114,5117,5231,5234,5321,5324],[1789,1790,1284],"h1",{"id":1791},"第六章跨期资产定价",[1793,1794,1795],"p",{},"前几章大多在单期框架中讨论收益和风险。本章把时间真正放进模型：投资者今天的投资选择会影响未来消费，未来经济状态又会反过来决定今天资产的价值。跨期资产定价的核心语言是随机贴现因子和 Euler 方程，它们把效用、风险溢价、状态价格和实证检验统一起来。",[1793,1797,1798],{},"本章把“贴现率”从一个常数展开为随经济状态变化的随机变量。核心不是多背一个模型，而是理解为什么坏状态中的支付更有价值。",[1800,1801,1802],"h2",{"id":1802},"本章路线",[1804,1805,1806,1819],"table",{},[1807,1808,1809],"thead",{},[1810,1811,1812,1816],"tr",{},[1813,1814,1815],"th",{},"课次",[1813,1817,1818],{},"核心问题",[1820,1821,1822,1831,1839,1847,1855],"tbody",{},[1810,1823,1824,1828],{},[1825,1826,1827],"td",{},"6.1 消费 CAPM",[1825,1829,1830],{},"收益怎样补偿与边际效用共同波动的风险？",[1810,1832,1833,1836],{},[1825,1834,1835],{},"6.2 Euler 方程与 SDF",[1825,1837,1838],{},"一个矩条件怎样统一价格和收益率？",[1810,1840,1841,1844],{},[1825,1842,1843],{},"6.3 HJ 边界",[1825,1845,1846],{},"资产收益对候选 SDF 提出什么最低波动要求？",[1810,1848,1849,1852],{},[1825,1850,1851],{},"6.4 GMM",[1825,1853,1854],{},"如何用样本矩估计并检验定价模型？",[1810,1856,1857,1860],{},[1825,1858,1859],{},"6.5—6.7 宏观解释",[1825,1861,1862],{},"股权溢价为何推动长期风险与习惯形成模型？",[1800,1864,1865],{"id":1865},"学习成果",[1793,1867,1868],{},"通过本章学习，你将掌握：",[1870,1871,1872,1876,1879,1882,1885],"ol",{},[1873,1874,1875],"li",{},"跨期消费选择理论",[1873,1877,1878],{},"CCAPM的推导和经济直觉",[1873,1880,1881],{},"随机贴现因子框架",[1873,1883,1884],{},"欧拉方程在资产定价中的应用",[1873,1886,1887],{},"汉森-贾根纳坦边界的计算和含义",[1793,1889,1890],{},"读完本章后，你应能完成以下任务：",[1892,1893,1894,1897,1900,1903,1906],"ul",{},[1873,1895,1896],{},"从跨期效用最大化推导基本 Euler 方程。",[1873,1898,1899],{},"解释随机贴现因子为什么可以统一股票、债券、期权和因子模型的定价。",[1873,1901,1902],{},"判断一个资产在“边际效用高的状态”支付多还是少，并据此解释风险溢价方向。",[1873,1904,1905],{},"理解 HJ 边界如何把资产收益数据转化为对定价核波动性的约束。",[1873,1907,1908],{},"说明股权溢价之谜为什么是消费资产定价中的核心难题。",[1800,1910,1911],{"id":1911},"金融与经济动机",[1793,1913,1914],{},"静态模型告诉我们风险要被补偿，但没有充分说明“哪些状态最重要”。跨期模型给出答案：当经济差、消费低、边际效用高时，能提供支付的资产特别有价值；当经济差时也亏钱的资产，会让投资者在最痛苦的时候更痛苦，因此必须给出较高预期收益。",[1804,1916,1917,1927],{},[1807,1918,1919],{},[1810,1920,1921,1924],{},[1813,1922,1923],{},"资产类型",[1813,1925,1926],{},"跨期视角下的价值",[1820,1928,1929,1937,1945,1953],{},[1810,1930,1931,1934],{},[1825,1932,1933],{},"防御型资产",[1825,1935,1936],{},"在坏状态支付较多，像保险，风险溢价较低",[1810,1938,1939,1942],{},[1825,1940,1941],{},"周期型股票",[1825,1943,1944],{},"在坏状态亏损，增加消费风险，风险溢价较高",[1810,1946,1947,1950],{},[1825,1948,1949],{},"长期债券",[1825,1951,1952],{},"对利率和通胀状态敏感，可能是保险也可能是风险源",[1810,1954,1955,1958],{},[1825,1956,1957],{},"期权保护",[1825,1959,1960],{},"在尾部状态支付，状态价格通常较高",[1800,1962,1963],{"id":1963},"模型设置与直觉",[1793,1965,1966],{},"投资者最大化跨期效用：",[1968,1969,1972],"span",{"className":1970},[1971],"katex-display",[1968,1973,1976,2070],{"className":1974},[1975],"katex",[1968,1977,1980],{"className":1978},[1979],"katex-mathml",[1981,1982,1985],"math",{"xmlns":1983,"display":1984},"http:\u002F\u002Fwww.w3.org\u002F1998\u002FMath\u002FMathML","block",[1986,1987,1988,2065],"semantics",{},[1989,1990,1991,2001],"mrow",{},[1992,1993,1994,1998],"msub",{},[1995,1996,1997],"mi",{},"E",[1995,1999,2000],{},"t",[1989,2002,2003,2008,2030,2038,2041,2045,2059,2062],{},[2004,2005,2007],"mo",{"fence":2006},"true","[",[2009,2010,2011,2014,2026],"munderover",{},[2004,2012,2013],{},"∑",[1989,2015,2016,2019,2022],{},[1995,2017,2018],{},"s",[2004,2020,2021],{},"=",[2023,2024,2025],"mn",{},"0",[1995,2027,2029],{"mathvariant":2028},"normal","∞",[2031,2032,2033,2036],"msup",{},[1995,2034,2035],{},"β",[1995,2037,2018],{},[1995,2039,2040],{},"u",[2004,2042,2044],{"stretchy":2043},"false","(",[1992,2046,2047,2050],{},[1995,2048,2049],{},"C",[1989,2051,2052,2054,2057],{},[1995,2053,2000],{},[2004,2055,2056],{},"+",[1995,2058,2018],{},[2004,2060,2061],{"stretchy":2043},")",[2004,2063,2064],{"fence":2006},"]",[2066,2067,2069],"annotation",{"encoding":2068},"application\u002Fx-tex","E_t\\left[\\sum_{s=0}^{\\infty}\\beta^s u(C_{t+s})\\right]",[1968,2071,2074],{"className":2072,"ariaHidden":2006},[2073],"katex-html",[1968,2075,2078,2083,2142,2147],{"className":2076},[2077],"base",[1968,2079],{"className":2080,"style":2082},[2081],"strut","height:3.0171em;vertical-align:-1.2671em;",[1968,2084,2087,2092],{"className":2085},[2086],"mord",[1968,2088,1997],{"className":2089,"style":2091},[2086,2090],"mathnormal","margin-right:0.0576em;",[1968,2093,2096],{"className":2094},[2095],"msupsub",[1968,2097,2101,2133],{"className":2098},[2099,2100],"vlist-t","vlist-t2",[1968,2102,2105,2128],{"className":2103},[2104],"vlist-r",[1968,2106,2110],{"className":2107,"style":2109},[2108],"vlist","height:0.2806em;",[1968,2111,2113,2118],{"style":2112},"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;",[1968,2114],{"className":2115,"style":2117},[2116],"pstrut","height:2.7em;",[1968,2119,2125],{"className":2120},[2121,2122,2123,2124],"sizing","reset-size6","size3","mtight",[1968,2126,2000],{"className":2127},[2086,2090,2124],[1968,2129,2132],{"className":2130},[2131],"vlist-s","​",[1968,2134,2136],{"className":2135},[2104],[1968,2137,2140],{"className":2138,"style":2139},[2108],"height:0.15em;",[1968,2141],{},[1968,2143],{"className":2144,"style":2146},[2145],"mspace","margin-right:0.1667em;",[1968,2148,2151,2162,2240,2243,2275,2278,2281,2334,2338],{"className":2149},[2150],"minner",[1968,2152,2157],{"className":2153,"style":2156},[2154,2155],"mopen","delimcenter","top:0em;",[1968,2158,2007],{"className":2159},[2160,2161],"delimsizing","size4",[1968,2163,2167],{"className":2164},[2165,2166],"mop","op-limits",[1968,2168,2170,2231],{"className":2169},[2099,2100],[1968,2171,2173,2228],{"className":2172},[2104],[1968,2174,2177,2200,2213],{"className":2175,"style":2176},[2108],"height:1.6514em;",[1968,2178,2180,2184],{"style":2179},"top:-1.8829em;margin-left:0em;",[1968,2181],{"className":2182,"style":2183},[2116],"height:3.05em;",[1968,2185,2187],{"className":2186},[2121,2122,2123,2124],[1968,2188,2190,2193,2197],{"className":2189},[2086,2124],[1968,2191,2018],{"className":2192},[2086,2090,2124],[1968,2194,2021],{"className":2195},[2196,2124],"mrel",[1968,2198,2025],{"className":2199},[2086,2124],[1968,2201,2203,2206],{"style":2202},"top:-3.05em;",[1968,2204],{"className":2205,"style":2183},[2116],[1968,2207,2208],{},[1968,2209,2013],{"className":2210},[2165,2211,2212],"op-symbol","large-op",[1968,2214,2216,2219],{"style":2215},"top:-4.3em;margin-left:0em;",[1968,2217],{"className":2218,"style":2183},[2116],[1968,2220,2222],{"className":2221},[2121,2122,2123,2124],[1968,2223,2225],{"className":2224},[2086,2124],[1968,2226,2029],{"className":2227},[2086,2124],[1968,2229,2132],{"className":2230},[2131],[1968,2232,2234],{"className":2233},[2104],[1968,2235,2238],{"className":2236,"style":2237},[2108],"height:1.2671em;",[1968,2239],{},[1968,2241],{"className":2242,"style":2146},[2145],[1968,2244,2246,2250],{"className":2245},[2086],[1968,2247,2035],{"className":2248,"style":2249},[2086,2090],"margin-right:0.0528em;",[1968,2251,2253],{"className":2252},[2095],[1968,2254,2256],{"className":2255},[2099],[1968,2257,2259],{"className":2258},[2104],[1968,2260,2263],{"className":2261,"style":2262},[2108],"height:0.7144em;",[1968,2264,2266,2269],{"style":2265},"top:-3.113em;margin-right:0.05em;",[1968,2267],{"className":2268,"style":2117},[2116],[1968,2270,2272],{"className":2271},[2121,2122,2123,2124],[1968,2273,2018],{"className":2274},[2086,2090,2124],[1968,2276,2040],{"className":2277},[2086,2090],[1968,2279,2044],{"className":2280},[2154],[1968,2282,2284,2288],{"className":2283},[2086],[1968,2285,2049],{"className":2286,"style":2287},[2086,2090],"margin-right:0.0715em;",[1968,2289,2291],{"className":2290},[2095],[1968,2292,2294,2325],{"className":2293},[2099,2100],[1968,2295,2297,2322],{"className":2296},[2104],[1968,2298,2300],{"className":2299,"style":2109},[2108],[1968,2301,2303,2306],{"style":2302},"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;",[1968,2304],{"className":2305,"style":2117},[2116],[1968,2307,2309],{"className":2308},[2121,2122,2123,2124],[1968,2310,2312,2315,2319],{"className":2311},[2086,2124],[1968,2313,2000],{"className":2314},[2086,2090,2124],[1968,2316,2056],{"className":2317},[2318,2124],"mbin",[1968,2320,2018],{"className":2321},[2086,2090,2124],[1968,2323,2132],{"className":2324},[2131],[1968,2326,2328],{"className":2327},[2104],[1968,2329,2332],{"className":2330,"style":2331},[2108],"height:0.2083em;",[1968,2333],{},[1968,2335,2061],{"className":2336},[2337],"mclose",[1968,2339,2341],{"className":2340,"style":2156},[2337,2155],[1968,2342,2064],{"className":2343},[2160,2161],[1793,2345,2346,2347,2421,2422,2513],{},"若购买一单位资产需要今天支付 ",[1968,2348,2350,2369],{"className":2349},[1975],[1968,2351,2353],{"className":2352},[1979],[1981,2354,2355],{"xmlns":1983},[1986,2356,2357,2366],{},[1989,2358,2359],{},[1992,2360,2361,2364],{},[1995,2362,2363],{},"P",[1995,2365,2000],{},[2066,2367,2368],{"encoding":2068},"P_t",[1968,2370,2372],{"className":2371,"ariaHidden":2006},[2073],[1968,2373,2375,2379],{"className":2374},[2077],[1968,2376],{"className":2377,"style":2378},[2081],"height:0.8333em;vertical-align:-0.15em;",[1968,2380,2382,2386],{"className":2381},[2086],[1968,2383,2363],{"className":2384,"style":2385},[2086,2090],"margin-right:0.1389em;",[1968,2387,2389],{"className":2388},[2095],[1968,2390,2392,2413],{"className":2391},[2099,2100],[1968,2393,2395,2410],{"className":2394},[2104],[1968,2396,2398],{"className":2397,"style":2109},[2108],[1968,2399,2401,2404],{"style":2400},"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;",[1968,2402],{"className":2403,"style":2117},[2116],[1968,2405,2407],{"className":2406},[2121,2122,2123,2124],[1968,2408,2000],{"className":2409},[2086,2090,2124],[1968,2411,2132],{"className":2412},[2131],[1968,2414,2416],{"className":2415},[2104],[1968,2417,2419],{"className":2418,"style":2139},[2108],[1968,2420],{},"，明天得到随机支付 ",[1968,2423,2425,2451],{"className":2424},[1975],[1968,2426,2428],{"className":2427},[1979],[1981,2429,2430],{"xmlns":1983},[1986,2431,2432,2448],{},[1989,2433,2434],{},[1992,2435,2436,2439],{},[1995,2437,2438],{},"X",[1989,2440,2441,2443,2445],{},[1995,2442,2000],{},[2004,2444,2056],{},[2023,2446,2447],{},"1",[2066,2449,2450],{"encoding":2068},"X_{t+1}",[1968,2452,2454],{"className":2453,"ariaHidden":2006},[2073],[1968,2455,2457,2461],{"className":2456},[2077],[1968,2458],{"className":2459,"style":2460},[2081],"height:0.8917em;vertical-align:-0.2083em;",[1968,2462,2464,2468],{"className":2463},[2086],[1968,2465,2438],{"className":2466,"style":2467},[2086,2090],"margin-right:0.0785em;",[1968,2469,2471],{"className":2470},[2095],[1968,2472,2474,2505],{"className":2473},[2099,2100],[1968,2475,2477,2502],{"className":2476},[2104],[1968,2478,2481],{"className":2479,"style":2480},[2108],"height:0.3011em;",[1968,2482,2484,2487],{"style":2483},"top:-2.55em;margin-left:-0.0785em;margin-right:0.05em;",[1968,2485],{"className":2486,"style":2117},[2116],[1968,2488,2490],{"className":2489},[2121,2122,2123,2124],[1968,2491,2493,2496,2499],{"className":2492},[2086,2124],[1968,2494,2000],{"className":2495},[2086,2090,2124],[1968,2497,2056],{"className":2498},[2318,2124],[1968,2500,2447],{"className":2501},[2086,2124],[1968,2503,2132],{"className":2504},[2131],[1968,2506,2508],{"className":2507},[2104],[1968,2509,2511],{"className":2510,"style":2331},[2108],[1968,2512],{},"，最优条件可写为：",[1968,2515,2517],{"className":2516},[1971],[1968,2518,2520,2575],{"className":2519},[1975],[1968,2521,2523],{"className":2522},[1979],[1981,2524,2525],{"xmlns":1983,"display":1984},[1986,2526,2527,2572],{},[1989,2528,2529,2535,2537,2543,2545,2558,2570],{},[1992,2530,2531,2533],{},[1995,2532,2363],{},[1995,2534,2000],{},[2004,2536,2021],{},[1992,2538,2539,2541],{},[1995,2540,1997],{},[1995,2542,2000],{},[2004,2544,2007],{"stretchy":2043},[1992,2546,2547,2550],{},[1995,2548,2549],{},"M",[1989,2551,2552,2554,2556],{},[1995,2553,2000],{},[2004,2555,2056],{},[2023,2557,2447],{},[1992,2559,2560,2562],{},[1995,2561,2438],{},[1989,2563,2564,2566,2568],{},[1995,2565,2000],{},[2004,2567,2056],{},[2023,2569,2447],{},[2004,2571,2064],{"stretchy":2043},[2066,2573,2574],{"encoding":2068},"P_t=E_t[M_{t+1}X_{t+1}]",[1968,2576,2578,2634],{"className":2577,"ariaHidden":2006},[2073],[1968,2579,2581,2584,2624,2628,2631],{"className":2580},[2077],[1968,2582],{"className":2583,"style":2378},[2081],[1968,2585,2587,2590],{"className":2586},[2086],[1968,2588,2363],{"className":2589,"style":2385},[2086,2090],[1968,2591,2593],{"className":2592},[2095],[1968,2594,2596,2616],{"className":2595},[2099,2100],[1968,2597,2599,2613],{"className":2598},[2104],[1968,2600,2602],{"className":2601,"style":2109},[2108],[1968,2603,2604,2607],{"style":2400},[1968,2605],{"className":2606,"style":2117},[2116],[1968,2608,2610],{"className":2609},[2121,2122,2123,2124],[1968,2611,2000],{"className":2612},[2086,2090,2124],[1968,2614,2132],{"className":2615},[2131],[1968,2617,2619],{"className":2618},[2104],[1968,2620,2622],{"className":2621,"style":2139},[2108],[1968,2623],{},[1968,2625],{"className":2626,"style":2627},[2145],"margin-right:0.2778em;",[1968,2629,2021],{"className":2630},[2196],[1968,2632],{"className":2633,"style":2627},[2145],[1968,2635,2637,2641,2681,2684,2735,2784],{"className":2636},[2077],[1968,2638],{"className":2639,"style":2640},[2081],"height:1em;vertical-align:-0.25em;",[1968,2642,2644,2647],{"className":2643},[2086],[1968,2645,1997],{"className":2646,"style":2091},[2086,2090],[1968,2648,2650],{"className":2649},[2095],[1968,2651,2653,2673],{"className":2652},[2099,2100],[1968,2654,2656,2670],{"className":2655},[2104],[1968,2657,2659],{"className":2658,"style":2109},[2108],[1968,2660,2661,2664],{"style":2112},[1968,2662],{"className":2663,"style":2117},[2116],[1968,2665,2667],{"className":2666},[2121,2122,2123,2124],[1968,2668,2000],{"className":2669},[2086,2090,2124],[1968,2671,2132],{"className":2672},[2131],[1968,2674,2676],{"className":2675},[2104],[1968,2677,2679],{"className":2678,"style":2139},[2108],[1968,2680],{},[1968,2682,2007],{"className":2683},[2154],[1968,2685,2687,2691],{"className":2686},[2086],[1968,2688,2549],{"className":2689,"style":2690},[2086,2090],"margin-right:0.109em;",[1968,2692,2694],{"className":2693},[2095],[1968,2695,2697,2727],{"className":2696},[2099,2100],[1968,2698,2700,2724],{"className":2699},[2104],[1968,2701,2703],{"className":2702,"style":2480},[2108],[1968,2704,2706,2709],{"style":2705},"top:-2.55em;margin-left:-0.109em;margin-right:0.05em;",[1968,2707],{"className":2708,"style":2117},[2116],[1968,2710,2712],{"className":2711},[2121,2122,2123,2124],[1968,2713,2715,2718,2721],{"className":2714},[2086,2124],[1968,2716,2000],{"className":2717},[2086,2090,2124],[1968,2719,2056],{"className":2720},[2318,2124],[1968,2722,2447],{"className":2723},[2086,2124],[1968,2725,2132],{"className":2726},[2131],[1968,2728,2730],{"className":2729},[2104],[1968,2731,2733],{"className":2732,"style":2331},[2108],[1968,2734],{},[1968,2736,2738,2741],{"className":2737},[2086],[1968,2739,2438],{"className":2740,"style":2467},[2086,2090],[1968,2742,2744],{"className":2743},[2095],[1968,2745,2747,2776],{"className":2746},[2099,2100],[1968,2748,2750,2773],{"className":2749},[2104],[1968,2751,2753],{"className":2752,"style":2480},[2108],[1968,2754,2755,2758],{"style":2483},[1968,2756],{"className":2757,"style":2117},[2116],[1968,2759,2761],{"className":2760},[2121,2122,2123,2124],[1968,2762,2764,2767,2770],{"className":2763},[2086,2124],[1968,2765,2000],{"className":2766},[2086,2090,2124],[1968,2768,2056],{"className":2769},[2318,2124],[1968,2771,2447],{"className":2772},[2086,2124],[1968,2774,2132],{"className":2775},[2131],[1968,2777,2779],{"className":2778},[2104],[1968,2780,2782],{"className":2781,"style":2331},[2108],[1968,2783],{},[1968,2785,2064],{"className":2786},[2337],[1793,2788,2789],{},"其中：",[1968,2791,2793],{"className":2792},[1971],[1968,2794,2796,2871],{"className":2795},[1975],[1968,2797,2799],{"className":2798},[1979],[1981,2800,2801],{"xmlns":1983,"display":1984},[1986,2802,2803,2868],{},[1989,2804,2805,2817,2819,2821],{},[1992,2806,2807,2809],{},[1995,2808,2549],{},[1989,2810,2811,2813,2815],{},[1995,2812,2000],{},[2004,2814,2056],{},[2023,2816,2447],{},[2004,2818,2021],{},[1995,2820,2035],{},[2822,2823,2824,2850],"mfrac",{},[1989,2825,2826,2834,2836,2848],{},[2031,2827,2828,2830],{},[1995,2829,2040],{},[2004,2831,2833],{"mathvariant":2028,"lspace":2832,"rspace":2832},"0em","′",[2004,2835,2044],{"stretchy":2043},[1992,2837,2838,2840],{},[1995,2839,2049],{},[1989,2841,2842,2844,2846],{},[1995,2843,2000],{},[2004,2845,2056],{},[2023,2847,2447],{},[2004,2849,2061],{"stretchy":2043},[1989,2851,2852,2858,2860,2866],{},[2031,2853,2854,2856],{},[1995,2855,2040],{},[2004,2857,2833],{"mathvariant":2028,"lspace":2832,"rspace":2832},[2004,2859,2044],{"stretchy":2043},[1992,2861,2862,2864],{},[1995,2863,2049],{},[1995,2865,2000],{},[2004,2867,2061],{"stretchy":2043},[2066,2869,2870],{"encoding":2068},"M_{t+1}=\\beta\\frac{u'(C_{t+1})}{u'(C_t)}",[1968,2872,2874,2938],{"className":2873,"ariaHidden":2006},[2073],[1968,2875,2877,2880,2929,2932,2935],{"className":2876},[2077],[1968,2878],{"className":2879,"style":2460},[2081],[1968,2881,2883,2886],{"className":2882},[2086],[1968,2884,2549],{"className":2885,"style":2690},[2086,2090],[1968,2887,2889],{"className":2888},[2095],[1968,2890,2892,2921],{"className":2891},[2099,2100],[1968,2893,2895,2918],{"className":2894},[2104],[1968,2896,2898],{"className":2897,"style":2480},[2108],[1968,2899,2900,2903],{"style":2705},[1968,2901],{"className":2902,"style":2117},[2116],[1968,2904,2906],{"className":2905},[2121,2122,2123,2124],[1968,2907,2909,2912,2915],{"className":2908},[2086,2124],[1968,2910,2000],{"className":2911},[2086,2090,2124],[1968,2913,2056],{"className":2914},[2318,2124],[1968,2916,2447],{"className":2917},[2086,2124],[1968,2919,2132],{"className":2920},[2131],[1968,2922,2924],{"className":2923},[2104],[1968,2925,2927],{"className":2926,"style":2331},[2108],[1968,2928],{},[1968,2930],{"className":2931,"style":2627},[2145],[1968,2933,2021],{"className":2934},[2196],[1968,2936],{"className":2937,"style":2627},[2145],[1968,2939,2941,2945,2948],{"className":2940},[2077],[1968,2942],{"className":2943,"style":2944},[2081],"height:2.3649em;vertical-align:-0.936em;",[1968,2946,2035],{"className":2947,"style":2249},[2086,2090],[1968,2949,2951,2955,3179],{"className":2950},[2086],[1968,2952],{"className":2953},[2154,2954],"nulldelimiter",[1968,2956,2958],{"className":2957},[2822],[1968,2959,2961,3170],{"className":2960},[2099,2100],[1968,2962,2964,3167],{"className":2963},[2104],[1968,2965,2968,3058,3069],{"className":2966,"style":2967},[2108],"height:1.4289em;",[1968,2969,2971,2975],{"style":2970},"top:-2.314em;",[1968,2972],{"className":2973,"style":2974},[2116],"height:3em;",[1968,2976,2978,3012,3015,3055],{"className":2977},[2086],[1968,2979,2981,2984],{"className":2980},[2086],[1968,2982,2040],{"className":2983},[2086,2090],[1968,2985,2987],{"className":2986},[2095],[1968,2988,2990],{"className":2989},[2099],[1968,2991,2993],{"className":2992},[2104],[1968,2994,2997],{"className":2995,"style":2996},[2108],"height:0.6779em;",[1968,2998,3000,3003],{"style":2999},"top:-2.989em;margin-right:0.05em;",[1968,3001],{"className":3002,"style":2117},[2116],[1968,3004,3006],{"className":3005},[2121,2122,2123,2124],[1968,3007,3009],{"className":3008},[2086,2124],[1968,3010,2833],{"className":3011},[2086,2124],[1968,3013,2044],{"className":3014},[2154],[1968,3016,3018,3021],{"className":3017},[2086],[1968,3019,2049],{"className":3020,"style":2287},[2086,2090],[1968,3022,3024],{"className":3023},[2095],[1968,3025,3027,3047],{"className":3026},[2099,2100],[1968,3028,3030,3044],{"className":3029},[2104],[1968,3031,3033],{"className":3032,"style":2109},[2108],[1968,3034,3035,3038],{"style":2302},[1968,3036],{"className":3037,"style":2117},[2116],[1968,3039,3041],{"className":3040},[2121,2122,2123,2124],[1968,3042,2000],{"className":3043},[2086,2090,2124],[1968,3045,2132],{"className":3046},[2131],[1968,3048,3050],{"className":3049},[2104],[1968,3051,3053],{"className":3052,"style":2139},[2108],[1968,3054],{},[1968,3056,2061],{"className":3057},[2337],[1968,3059,3061,3064],{"style":3060},"top:-3.23em;",[1968,3062],{"className":3063,"style":2974},[2116],[1968,3065],{"className":3066,"style":3068},[3067],"frac-line","border-bottom-width:0.04em;",[1968,3070,3072,3075],{"style":3071},"top:-3.677em;",[1968,3073],{"className":3074,"style":2974},[2116],[1968,3076,3078,3112,3115,3164],{"className":3077},[2086],[1968,3079,3081,3084],{"className":3080},[2086],[1968,3082,2040],{"className":3083},[2086,2090],[1968,3085,3087],{"className":3086},[2095],[1968,3088,3090],{"className":3089},[2099],[1968,3091,3093],{"className":3092},[2104],[1968,3094,3097],{"className":3095,"style":3096},[2108],"height:0.7519em;",[1968,3098,3100,3103],{"style":3099},"top:-3.063em;margin-right:0.05em;",[1968,3101],{"className":3102,"style":2117},[2116],[1968,3104,3106],{"className":3105},[2121,2122,2123,2124],[1968,3107,3109],{"className":3108},[2086,2124],[1968,3110,2833],{"className":3111},[2086,2124],[1968,3113,2044],{"className":3114},[2154],[1968,3116,3118,3121],{"className":3117},[2086],[1968,3119,2049],{"className":3120,"style":2287},[2086,2090],[1968,3122,3124],{"className":3123},[2095],[1968,3125,3127,3156],{"className":3126},[2099,2100],[1968,3128,3130,3153],{"className":3129},[2104],[1968,3131,3133],{"className":3132,"style":2480},[2108],[1968,3134,3135,3138],{"style":2302},[1968,3136],{"className":3137,"style":2117},[2116],[1968,3139,3141],{"className":3140},[2121,2122,2123,2124],[1968,3142,3144,3147,3150],{"className":3143},[2086,2124],[1968,3145,2000],{"className":3146},[2086,2090,2124],[1968,3148,2056],{"className":3149},[2318,2124],[1968,3151,2447],{"className":3152},[2086,2124],[1968,3154,2132],{"className":3155},[2131],[1968,3157,3159],{"className":3158},[2104],[1968,3160,3162],{"className":3161,"style":2331},[2108],[1968,3163],{},[1968,3165,2061],{"className":3166},[2337],[1968,3168,2132],{"className":3169},[2131],[1968,3171,3173],{"className":3172},[2104],[1968,3174,3177],{"className":3175,"style":3176},[2108],"height:0.936em;",[1968,3178],{},[1968,3180],{"className":3181},[2337,2954],[1793,3183,3184,3185,3270,3271,3405,3406,3435],{},"中文直觉：",[1968,3186,3188,3212],{"className":3187},[1975],[1968,3189,3191],{"className":3190},[1979],[1981,3192,3193],{"xmlns":1983},[1986,3194,3195,3209],{},[1989,3196,3197],{},[1992,3198,3199,3201],{},[1995,3200,2549],{},[1989,3202,3203,3205,3207],{},[1995,3204,2000],{},[2004,3206,2056],{},[2023,3208,2447],{},[2066,3210,3211],{"encoding":2068},"M_{t+1}",[1968,3213,3215],{"className":3214,"ariaHidden":2006},[2073],[1968,3216,3218,3221],{"className":3217},[2077],[1968,3219],{"className":3220,"style":2460},[2081],[1968,3222,3224,3227],{"className":3223},[2086],[1968,3225,2549],{"className":3226,"style":2690},[2086,2090],[1968,3228,3230],{"className":3229},[2095],[1968,3231,3233,3262],{"className":3232},[2099,2100],[1968,3234,3236,3259],{"className":3235},[2104],[1968,3237,3239],{"className":3238,"style":2480},[2108],[1968,3240,3241,3244],{"style":2705},[1968,3242],{"className":3243,"style":2117},[2116],[1968,3245,3247],{"className":3246},[2121,2122,2123,2124],[1968,3248,3250,3253,3256],{"className":3249},[2086,2124],[1968,3251,2000],{"className":3252},[2086,2090,2124],[1968,3254,2056],{"className":3255},[2318,2124],[1968,3257,2447],{"className":3258},[2086,2124],[1968,3260,2132],{"className":3261},[2131],[1968,3263,3265],{"className":3264},[2104],[1968,3266,3268],{"className":3267,"style":2331},[2108],[1968,3269],{}," 衡量明天一元钱相对今天一元钱的价值。如果明天消费低，边际效用 ",[1968,3272,3274,3308],{"className":3273},[1975],[1968,3275,3277],{"className":3276},[1979],[1981,3278,3279],{"xmlns":1983},[1986,3280,3281,3305],{},[1989,3282,3283,3289,3291,3303],{},[2031,3284,3285,3287],{},[1995,3286,2040],{},[2004,3288,2833],{"mathvariant":2028,"lspace":2832,"rspace":2832},[2004,3290,2044],{"stretchy":2043},[1992,3292,3293,3295],{},[1995,3294,2049],{},[1989,3296,3297,3299,3301],{},[1995,3298,2000],{},[2004,3300,2056],{},[2023,3302,2447],{},[2004,3304,2061],{"stretchy":2043},[2066,3306,3307],{"encoding":2068},"u'(C_{t+1})",[1968,3309,3311],{"className":3310,"ariaHidden":2006},[2073],[1968,3312,3314,3318,3350,3353,3402],{"className":3313},[2077],[1968,3315],{"className":3316,"style":3317},[2081],"height:1.0019em;vertical-align:-0.25em;",[1968,3319,3321,3324],{"className":3320},[2086],[1968,3322,2040],{"className":3323},[2086,2090],[1968,3325,3327],{"className":3326},[2095],[1968,3328,3330],{"className":3329},[2099],[1968,3331,3333],{"className":3332},[2104],[1968,3334,3336],{"className":3335,"style":3096},[2108],[1968,3337,3338,3341],{"style":3099},[1968,3339],{"className":3340,"style":2117},[2116],[1968,3342,3344],{"className":3343},[2121,2122,2123,2124],[1968,3345,3347],{"className":3346},[2086,2124],[1968,3348,2833],{"className":3349},[2086,2124],[1968,3351,2044],{"className":3352},[2154],[1968,3354,3356,3359],{"className":3355},[2086],[1968,3357,2049],{"className":3358,"style":2287},[2086,2090],[1968,3360,3362],{"className":3361},[2095],[1968,3363,3365,3394],{"className":3364},[2099,2100],[1968,3366,3368,3391],{"className":3367},[2104],[1968,3369,3371],{"className":3370,"style":2480},[2108],[1968,3372,3373,3376],{"style":2302},[1968,3374],{"className":3375,"style":2117},[2116],[1968,3377,3379],{"className":3378},[2121,2122,2123,2124],[1968,3380,3382,3385,3388],{"className":3381},[2086,2124],[1968,3383,2000],{"className":3384},[2086,2090,2124],[1968,3386,2056],{"className":3387},[2318,2124],[1968,3389,2447],{"className":3390},[2086,2124],[1968,3392,2132],{"className":3393},[2131],[1968,3395,3397],{"className":3396},[2104],[1968,3398,3400],{"className":3399,"style":2331},[2108],[1968,3401],{},[1968,3403,2061],{"className":3404},[2337]," 高，那么 ",[1968,3407,3409,3422],{"className":3408},[1975],[1968,3410,3412],{"className":3411},[1979],[1981,3413,3414],{"xmlns":1983},[1986,3415,3416,3420],{},[1989,3417,3418],{},[1995,3419,2549],{},[2066,3421,2549],{"encoding":2068},[1968,3423,3425],{"className":3424,"ariaHidden":2006},[2073],[1968,3426,3428,3432],{"className":3427},[2077],[1968,3429],{"className":3430,"style":3431},[2081],"height:0.6833em;",[1968,3433,2549],{"className":3434,"style":2690},[2086,2090]," 高，明天在这个状态支付的一元钱今天就更值钱。",[1800,3437,3438],{"id":3438},"关键定义与定理",[3440,3441,3443],"h3",{"id":3442},"euler-方程","Euler 方程",[1793,3445,3446,3447,2513],{},"对任意资产回报 ",[1968,3448,3450,3475],{"className":3449},[1975],[1968,3451,3453],{"className":3452},[1979],[1981,3454,3455],{"xmlns":1983},[1986,3456,3457,3472],{},[1989,3458,3459],{},[1992,3460,3461,3464],{},[1995,3462,3463],{},"R",[1989,3465,3466,3468,3470],{},[1995,3467,2000],{},[2004,3469,2056],{},[2023,3471,2447],{},[2066,3473,3474],{"encoding":2068},"R_{t+1}",[1968,3476,3478],{"className":3477,"ariaHidden":2006},[2073],[1968,3479,3481,3484],{"className":3480},[2077],[1968,3482],{"className":3483,"style":2460},[2081],[1968,3485,3487,3491],{"className":3486},[2086],[1968,3488,3463],{"className":3489,"style":3490},[2086,2090],"margin-right:0.0077em;",[1968,3492,3494],{"className":3493},[2095],[1968,3495,3497,3527],{"className":3496},[2099,2100],[1968,3498,3500,3524],{"className":3499},[2104],[1968,3501,3503],{"className":3502,"style":2480},[2108],[1968,3504,3506,3509],{"style":3505},"top:-2.55em;margin-left:-0.0077em;margin-right:0.05em;",[1968,3507],{"className":3508,"style":2117},[2116],[1968,3510,3512],{"className":3511},[2121,2122,2123,2124],[1968,3513,3515,3518,3521],{"className":3514},[2086,2124],[1968,3516,2000],{"className":3517},[2086,2090,2124],[1968,3519,2056],{"className":3520},[2318,2124],[1968,3522,2447],{"className":3523},[2086,2124],[1968,3525,2132],{"className":3526},[2131],[1968,3528,3530],{"className":3529},[2104],[1968,3531,3533],{"className":3532,"style":2331},[2108],[1968,3534],{},[1968,3536,3538],{"className":3537},[1971],[1968,3539,3541,3591],{"className":3540},[1975],[1968,3542,3544],{"className":3543},[1979],[1981,3545,3546],{"xmlns":1983,"display":1984},[1986,3547,3548,3588],{},[1989,3549,3550,3556,3558,3570,3582,3584,3586],{},[1992,3551,3552,3554],{},[1995,3553,1997],{},[1995,3555,2000],{},[2004,3557,2007],{"stretchy":2043},[1992,3559,3560,3562],{},[1995,3561,2549],{},[1989,3563,3564,3566,3568],{},[1995,3565,2000],{},[2004,3567,2056],{},[2023,3569,2447],{},[1992,3571,3572,3574],{},[1995,3573,3463],{},[1989,3575,3576,3578,3580],{},[1995,3577,2000],{},[2004,3579,2056],{},[2023,3581,2447],{},[2004,3583,2064],{"stretchy":2043},[2004,3585,2021],{},[2023,3587,2447],{},[2066,3589,3590],{"encoding":2068},"E_t[M_{t+1}R_{t+1}]=1",[1968,3592,3594,3753],{"className":3593,"ariaHidden":2006},[2073],[1968,3595,3597,3600,3640,3643,3692,3741,3744,3747,3750],{"className":3596},[2077],[1968,3598],{"className":3599,"style":2640},[2081],[1968,3601,3603,3606],{"className":3602},[2086],[1968,3604,1997],{"className":3605,"style":2091},[2086,2090],[1968,3607,3609],{"className":3608},[2095],[1968,3610,3612,3632],{"className":3611},[2099,2100],[1968,3613,3615,3629],{"className":3614},[2104],[1968,3616,3618],{"className":3617,"style":2109},[2108],[1968,3619,3620,3623],{"style":2112},[1968,3621],{"className":3622,"style":2117},[2116],[1968,3624,3626],{"className":3625},[2121,2122,2123,2124],[1968,3627,2000],{"className":3628},[2086,2090,2124],[1968,3630,2132],{"className":3631},[2131],[1968,3633,3635],{"className":3634},[2104],[1968,3636,3638],{"className":3637,"style":2139},[2108],[1968,3639],{},[1968,3641,2007],{"className":3642},[2154],[1968,3644,3646,3649],{"className":3645},[2086],[1968,3647,2549],{"className":3648,"style":2690},[2086,2090],[1968,3650,3652],{"className":3651},[2095],[1968,3653,3655,3684],{"className":3654},[2099,2100],[1968,3656,3658,3681],{"className":3657},[2104],[1968,3659,3661],{"className":3660,"style":2480},[2108],[1968,3662,3663,3666],{"style":2705},[1968,3664],{"className":3665,"style":2117},[2116],[1968,3667,3669],{"className":3668},[2121,2122,2123,2124],[1968,3670,3672,3675,3678],{"className":3671},[2086,2124],[1968,3673,2000],{"className":3674},[2086,2090,2124],[1968,3676,2056],{"className":3677},[2318,2124],[1968,3679,2447],{"className":3680},[2086,2124],[1968,3682,2132],{"className":3683},[2131],[1968,3685,3687],{"className":3686},[2104],[1968,3688,3690],{"className":3689,"style":2331},[2108],[1968,3691],{},[1968,3693,3695,3698],{"className":3694},[2086],[1968,3696,3463],{"className":3697,"style":3490},[2086,2090],[1968,3699,3701],{"className":3700},[2095],[1968,3702,3704,3733],{"className":3703},[2099,2100],[1968,3705,3707,3730],{"className":3706},[2104],[1968,3708,3710],{"className":3709,"style":2480},[2108],[1968,3711,3712,3715],{"style":3505},[1968,3713],{"className":3714,"style":2117},[2116],[1968,3716,3718],{"className":3717},[2121,2122,2123,2124],[1968,3719,3721,3724,3727],{"className":3720},[2086,2124],[1968,3722,2000],{"className":3723},[2086,2090,2124],[1968,3725,2056],{"className":3726},[2318,2124],[1968,3728,2447],{"className":3729},[2086,2124],[1968,3731,2132],{"className":3732},[2131],[1968,3734,3736],{"className":3735},[2104],[1968,3737,3739],{"className":3738,"style":2331},[2108],[1968,3740],{},[1968,3742,2064],{"className":3743},[2337],[1968,3745],{"className":3746,"style":2627},[2145],[1968,3748,2021],{"className":3749},[2196],[1968,3751],{"className":3752,"style":2627},[2145],[1968,3754,3756,3760],{"className":3755},[2077],[1968,3757],{"className":3758,"style":3759},[2081],"height:0.6444em;",[1968,3761,2447],{"className":3762},[2086],[1793,3764,3765,3766,3794],{},"中文解释：投资者不能通过微调任意资产持仓来提高期望效用。若某资产回报在高 ",[1968,3767,3769,3782],{"className":3768},[1975],[1968,3770,3772],{"className":3771},[1979],[1981,3773,3774],{"xmlns":1983},[1986,3775,3776,3780],{},[1989,3777,3778],{},[1995,3779,2549],{},[2066,3781,2549],{"encoding":2068},[1968,3783,3785],{"className":3784,"ariaHidden":2006},[2073],[1968,3786,3788,3791],{"className":3787},[2077],[1968,3789],{"className":3790,"style":3431},[2081],[1968,3792,2549],{"className":3793,"style":2690},[2086,2090]," 状态下很高，它今天价格会更高，预期收益率会更低。",[3440,3796,3797],{"id":3797},"随机贴现因子",[1793,3799,3800,3801,3829],{},"能够给所有资产定价的随机变量 ",[1968,3802,3804,3817],{"className":3803},[1975],[1968,3805,3807],{"className":3806},[1979],[1981,3808,3809],{"xmlns":1983},[1986,3810,3811,3815],{},[1989,3812,3813],{},[1995,3814,2549],{},[2066,3816,2549],{"encoding":2068},[1968,3818,3820],{"className":3819,"ariaHidden":2006},[2073],[1968,3821,3823,3826],{"className":3822},[2077],[1968,3824],{"className":3825,"style":3431},[2081],[1968,3827,2549],{"className":3828,"style":2690},[2086,2090],"。",[1793,3831,3832,3833,3861],{},"中文解释：它是“状态价格的压缩表示”。不同模型的差异，往往体现在它们假设的 ",[1968,3834,3836,3849],{"className":3835},[1975],[1968,3837,3839],{"className":3838},[1979],[1981,3840,3841],{"xmlns":1983},[1986,3842,3843,3847],{},[1989,3844,3845],{},[1995,3846,2549],{},[2066,3848,2549],{"encoding":2068},[1968,3850,3852],{"className":3851,"ariaHidden":2006},[2073],[1968,3853,3855,3858],{"className":3854},[2077],[1968,3856],{"className":3857,"style":3431},[2081],[1968,3859,2549],{"className":3860,"style":2690},[2086,2090]," 长什么样。",[3440,3863,3865],{"id":3864},"ccapm","CCAPM",[1793,3867,3868],{},"消费 CAPM 认为资产风险溢价由资产收益与消费增长的协方差决定：",[1968,3870,3872],{"className":3871},[1971],[1968,3873,3875,3935],{"className":3874},[1975],[1968,3876,3878],{"className":3877},[1979],[1981,3879,3880],{"xmlns":1983,"display":1984},[1986,3881,3882,3932],{},[1989,3883,3884,3886,3888,3899,3901,3904,3907,3910,3913,3915,3921,3924,3927,3930],{},[1995,3885,1997],{},[2004,3887,2007],{"stretchy":2043},[3889,3890,3891,3893,3896],"msubsup",{},[1995,3892,3463],{},[1995,3894,3895],{},"i",[1995,3897,3898],{},"e",[2004,3900,2064],{"stretchy":2043},[2004,3902,3903],{},"≈",[1995,3905,3906],{},"γ",[1995,3908,3909],{"mathvariant":2028},"Cov",[2004,3911,3912],{},"⁡",[2004,3914,2044],{"stretchy":2043},[1992,3916,3917,3919],{},[1995,3918,3463],{},[1995,3920,3895],{},[2004,3922,3923],{"separator":2006},",",[1995,3925,3926],{"mathvariant":2028},"Δ",[1995,3928,3929],{},"c",[2004,3931,2061],{"stretchy":2043},[2066,3933,3934],{"encoding":2068},"E[R_i^e]\\approx \\gamma \\operatorname{Cov}(R_i,\\Delta c)",[1968,3936,3938,4015],{"className":3937,"ariaHidden":2006},[2073],[1968,3939,3941,3944,3947,3950,4003,4006,4009,4012],{"className":3940},[2077],[1968,3942],{"className":3943,"style":2640},[2081],[1968,3945,1997],{"className":3946,"style":2091},[2086,2090],[1968,3948,2007],{"className":3949},[2154],[1968,3951,3953,3956],{"className":3952},[2086],[1968,3954,3463],{"className":3955,"style":3490},[2086,2090],[1968,3957,3959],{"className":3958},[2095],[1968,3960,3962,3994],{"className":3961},[2099,2100],[1968,3963,3965,3991],{"className":3964},[2104],[1968,3966,3968,3980],{"className":3967,"style":2262},[2108],[1968,3969,3971,3974],{"style":3970},"top:-2.453em;margin-left:-0.0077em;margin-right:0.05em;",[1968,3972],{"className":3973,"style":2117},[2116],[1968,3975,3977],{"className":3976},[2121,2122,2123,2124],[1968,3978,3895],{"className":3979},[2086,2090,2124],[1968,3981,3982,3985],{"style":2265},[1968,3983],{"className":3984,"style":2117},[2116],[1968,3986,3988],{"className":3987},[2121,2122,2123,2124],[1968,3989,3898],{"className":3990},[2086,2090,2124],[1968,3992,2132],{"className":3993},[2131],[1968,3995,3997],{"className":3996},[2104],[1968,3998,4001],{"className":3999,"style":4000},[2108],"height:0.247em;",[1968,4002],{},[1968,4004,2064],{"className":4005},[2337],[1968,4007],{"className":4008,"style":2627},[2145],[1968,4010,3903],{"className":4011},[2196],[1968,4013],{"className":4014,"style":2627},[2145],[1968,4016,4018,4021,4025,4028,4036,4039,4080,4084,4087,4090,4093],{"className":4017},[2077],[1968,4019],{"className":4020,"style":2640},[2081],[1968,4022,3906],{"className":4023,"style":4024},[2086,2090],"margin-right:0.0556em;",[1968,4026],{"className":4027,"style":2146},[2145],[1968,4029,4031],{"className":4030},[2165],[1968,4032,3909],{"className":4033,"style":4035},[2086,4034],"mathrm","margin-right:0.0139em;",[1968,4037,2044],{"className":4038},[2154],[1968,4040,4042,4045],{"className":4041},[2086],[1968,4043,3463],{"className":4044,"style":3490},[2086,2090],[1968,4046,4048],{"className":4047},[2095],[1968,4049,4051,4072],{"className":4050},[2099,2100],[1968,4052,4054,4069],{"className":4053},[2104],[1968,4055,4058],{"className":4056,"style":4057},[2108],"height:0.3117em;",[1968,4059,4060,4063],{"style":3505},[1968,4061],{"className":4062,"style":2117},[2116],[1968,4064,4066],{"className":4065},[2121,2122,2123,2124],[1968,4067,3895],{"className":4068},[2086,2090,2124],[1968,4070,2132],{"className":4071},[2131],[1968,4073,4075],{"className":4074},[2104],[1968,4076,4078],{"className":4077,"style":2139},[2108],[1968,4079],{},[1968,4081,3923],{"className":4082},[4083],"mpunct",[1968,4085],{"className":4086,"style":2146},[2145],[1968,4088,3926],{"className":4089},[2086],[1968,4091,3929],{"className":4092},[2086,2090],[1968,4094,2061],{"className":4095},[2337],[1793,4097,4098],{},"中文解释：不是与市场组合一起波动才有风险，而是与投资者消费一起波动才有根本风险。",[3440,4100,4102],{"id":4101},"hansen-jagannathan-边界","Hansen-Jagannathan 边界",[1793,4104,4105],{},"资产收益数据对任何有效随机贴现因子的均值和标准差施加下界约束。",[1793,4107,4108,4109,4137],{},"中文解释：如果市场上有很高 Sharpe 比率的资产组合，那么能够解释它的 ",[1968,4110,4112,4125],{"className":4111},[1975],[1968,4113,4115],{"className":4114},[1979],[1981,4116,4117],{"xmlns":1983},[1986,4118,4119,4123],{},[1989,4120,4121],{},[1995,4122,2549],{},[2066,4124,2549],{"encoding":2068},[1968,4126,4128],{"className":4127,"ariaHidden":2006},[2073],[1968,4129,4131,4134],{"className":4130},[2077],[1968,4132],{"className":4133,"style":3431},[2081],[1968,4135,2549],{"className":4136,"style":2690},[2086,2090]," 必须有足够波动，否则无法产生那么高的风险补偿。",[1800,4139,4141],{"id":4140},"例子坏状态支付为什么更值钱","例子：坏状态支付为什么更值钱",[1793,4143,4144,4145,4249,4250,3829],{},"假设明天有两个状态：衰退和繁荣，概率各 50%。投资者在衰退时边际效用高，因此 ",[1968,4146,4148,4173],{"className":4147},[1975],[1968,4149,4151],{"className":4150},[1979],[1981,4152,4153],{"xmlns":1983},[1986,4154,4155,4170],{},[1989,4156,4157,4165,4167],{},[1992,4158,4159,4161],{},[1995,4160,2549],{},[4162,4163,4164],"mtext",{},"衰退",[2004,4166,2021],{},[2023,4168,4169],{},"1.2",[2066,4171,4172],{"encoding":2068},"M_{\\text{衰退}}=1.2",[1968,4174,4176,4240],{"className":4175,"ariaHidden":2006},[2073],[1968,4177,4179,4182,4231,4234,4237],{"className":4178},[2077],[1968,4180],{"className":4181,"style":2378},[2081],[1968,4183,4185,4188],{"className":4184},[2086],[1968,4186,2549],{"className":4187,"style":2690},[2086,2090],[1968,4189,4191],{"className":4190},[2095],[1968,4192,4194,4223],{"className":4193},[2099,2100],[1968,4195,4197,4220],{"className":4196},[2104],[1968,4198,4201],{"className":4199,"style":4200},[2108],"height:0.3283em;",[1968,4202,4203,4206],{"style":2705},[1968,4204],{"className":4205,"style":2117},[2116],[1968,4207,4209],{"className":4208},[2121,2122,2123,2124],[1968,4210,4212],{"className":4211},[2086,2124],[1968,4213,4216],{"className":4214},[2086,4215,2124],"text",[1968,4217,4164],{"className":4218},[2086,4219,2124],"cjk_fallback",[1968,4221,2132],{"className":4222},[2131],[1968,4224,4226],{"className":4225},[2104],[1968,4227,4229],{"className":4228,"style":2139},[2108],[1968,4230],{},[1968,4232],{"className":4233,"style":2627},[2145],[1968,4235,2021],{"className":4236},[2196],[1968,4238],{"className":4239,"style":2627},[2145],[1968,4241,4243,4246],{"className":4242},[2077],[1968,4244],{"className":4245,"style":3759},[2081],[1968,4247,4169],{"className":4248},[2086],"，繁荣时 ",[1968,4251,4253,4277],{"className":4252},[1975],[1968,4254,4256],{"className":4255},[1979],[1981,4257,4258],{"xmlns":1983},[1986,4259,4260,4274],{},[1989,4261,4262,4269,4271],{},[1992,4263,4264,4266],{},[1995,4265,2549],{},[4162,4267,4268],{},"繁荣",[2004,4270,2021],{},[2023,4272,4273],{},"0.8",[2066,4275,4276],{"encoding":2068},"M_{\\text{繁荣}}=0.8",[1968,4278,4280,4341],{"className":4279,"ariaHidden":2006},[2073],[1968,4281,4283,4286,4332,4335,4338],{"className":4282},[2077],[1968,4284],{"className":4285,"style":2378},[2081],[1968,4287,4289,4292],{"className":4288},[2086],[1968,4290,2549],{"className":4291,"style":2690},[2086,2090],[1968,4293,4295],{"className":4294},[2095],[1968,4296,4298,4324],{"className":4297},[2099,2100],[1968,4299,4301,4321],{"className":4300},[2104],[1968,4302,4304],{"className":4303,"style":4200},[2108],[1968,4305,4306,4309],{"style":2705},[1968,4307],{"className":4308,"style":2117},[2116],[1968,4310,4312],{"className":4311},[2121,2122,2123,2124],[1968,4313,4315],{"className":4314},[2086,2124],[1968,4316,4318],{"className":4317},[2086,4215,2124],[1968,4319,4268],{"className":4320},[2086,4219,2124],[1968,4322,2132],{"className":4323},[2131],[1968,4325,4327],{"className":4326},[2104],[1968,4328,4330],{"className":4329,"style":2139},[2108],[1968,4331],{},[1968,4333],{"className":4334,"style":2627},[2145],[1968,4336,2021],{"className":4337},[2196],[1968,4339],{"className":4340,"style":2627},[2145],[1968,4342,4344,4347],{"className":4343},[2077],[1968,4345],{"className":4346,"style":3759},[2081],[1968,4348,4273],{"className":4349},[2086],[1793,4351,4352],{},"资产 A 在两个状态都支付 1 元，则价格：",[1968,4354,4356],{"className":4355},[1971],[1968,4357,4359,4412],{"className":4358},[1975],[1968,4360,4362],{"className":4361},[1979],[1981,4363,4364],{"xmlns":1983,"display":1984},[1986,4365,4366,4409],{},[1989,4367,4368,4375,4377,4380,4382,4384,4387,4389,4391,4393,4395,4397,4399,4401,4403,4405,4407],{},[1992,4369,4370,4372],{},[1995,4371,2363],{},[1995,4373,4374],{},"A",[2004,4376,2021],{},[2023,4378,4379],{},"0.5",[2004,4381,2044],{"stretchy":2043},[2023,4383,4169],{},[2004,4385,4386],{},"×",[2023,4388,2447],{},[2004,4390,2061],{"stretchy":2043},[2004,4392,2056],{},[2023,4394,4379],{},[2004,4396,2044],{"stretchy":2043},[2023,4398,4273],{},[2004,4400,4386],{},[2023,4402,2447],{},[2004,4404,2061],{"stretchy":2043},[2004,4406,2021],{},[2023,4408,2447],{},[2066,4410,4411],{"encoding":2068},"P_A=0.5(1.2\\times1)+0.5(0.8\\times1)=1",[1968,4413,4415,4470,4495,4516,4540,4561],{"className":4414,"ariaHidden":2006},[2073],[1968,4416,4418,4421,4461,4464,4467],{"className":4417},[2077],[1968,4419],{"className":4420,"style":2378},[2081],[1968,4422,4424,4427],{"className":4423},[2086],[1968,4425,2363],{"className":4426,"style":2385},[2086,2090],[1968,4428,4430],{"className":4429},[2095],[1968,4431,4433,4453],{"className":4432},[2099,2100],[1968,4434,4436,4450],{"className":4435},[2104],[1968,4437,4439],{"className":4438,"style":4200},[2108],[1968,4440,4441,4444],{"style":2400},[1968,4442],{"className":4443,"style":2117},[2116],[1968,4445,4447],{"className":4446},[2121,2122,2123,2124],[1968,4448,4374],{"className":4449},[2086,2090,2124],[1968,4451,2132],{"className":4452},[2131],[1968,4454,4456],{"className":4455},[2104],[1968,4457,4459],{"className":4458,"style":2139},[2108],[1968,4460],{},[1968,4462],{"className":4463,"style":2627},[2145],[1968,4465,2021],{"className":4466},[2196],[1968,4468],{"className":4469,"style":2627},[2145],[1968,4471,4473,4476,4479,4482,4485,4489,4492],{"className":4472},[2077],[1968,4474],{"className":4475,"style":2640},[2081],[1968,4477,4379],{"className":4478},[2086],[1968,4480,2044],{"className":4481},[2154],[1968,4483,4169],{"className":4484},[2086],[1968,4486],{"className":4487,"style":4488},[2145],"margin-right:0.2222em;",[1968,4490,4386],{"className":4491},[2318],[1968,4493],{"className":4494,"style":4488},[2145],[1968,4496,4498,4501,4504,4507,4510,4513],{"className":4497},[2077],[1968,4499],{"className":4500,"style":2640},[2081],[1968,4502,2447],{"className":4503},[2086],[1968,4505,2061],{"className":4506},[2337],[1968,4508],{"className":4509,"style":4488},[2145],[1968,4511,2056],{"className":4512},[2318],[1968,4514],{"className":4515,"style":4488},[2145],[1968,4517,4519,4522,4525,4528,4531,4534,4537],{"className":4518},[2077],[1968,4520],{"className":4521,"style":2640},[2081],[1968,4523,4379],{"className":4524},[2086],[1968,4526,2044],{"className":4527},[2154],[1968,4529,4273],{"className":4530},[2086],[1968,4532],{"className":4533,"style":4488},[2145],[1968,4535,4386],{"className":4536},[2318],[1968,4538],{"className":4539,"style":4488},[2145],[1968,4541,4543,4546,4549,4552,4555,4558],{"className":4542},[2077],[1968,4544],{"className":4545,"style":2640},[2081],[1968,4547,2447],{"className":4548},[2086],[1968,4550,2061],{"className":4551},[2337],[1968,4553],{"className":4554,"style":2627},[2145],[1968,4556,2021],{"className":4557},[2196],[1968,4559],{"className":4560,"style":2627},[2145],[1968,4562,4564,4567],{"className":4563},[2077],[1968,4565],{"className":4566,"style":3759},[2081],[1968,4568,2447],{"className":4569},[2086],[1793,4571,4572],{},"资产 B 在衰退支付 1.5 元，繁荣支付 0.5 元，则价格：",[1968,4574,4576],{"className":4575},[1971],[1968,4577,4579,4632],{"className":4578},[1975],[1968,4580,4582],{"className":4581},[1979],[1981,4583,4584],{"xmlns":1983,"display":1984},[1986,4585,4586,4629],{},[1989,4587,4588,4595,4597,4599,4601,4603,4605,4608,4610,4612,4614,4616,4618,4620,4622,4624,4626],{},[1992,4589,4590,4592],{},[1995,4591,2363],{},[1995,4593,4594],{},"B",[2004,4596,2021],{},[2023,4598,4379],{},[2004,4600,2044],{"stretchy":2043},[2023,4602,4169],{},[2004,4604,4386],{},[2023,4606,4607],{},"1.5",[2004,4609,2061],{"stretchy":2043},[2004,4611,2056],{},[2023,4613,4379],{},[2004,4615,2044],{"stretchy":2043},[2023,4617,4273],{},[2004,4619,4386],{},[2023,4621,4379],{},[2004,4623,2061],{"stretchy":2043},[2004,4625,2021],{},[2023,4627,4628],{},"1.1",[2066,4630,4631],{"encoding":2068},"P_B=0.5(1.2\\times1.5)+0.5(0.8\\times0.5)=1.1",[1968,4633,4635,4691,4715,4736,4760,4781],{"className":4634,"ariaHidden":2006},[2073],[1968,4636,4638,4641,4682,4685,4688],{"className":4637},[2077],[1968,4639],{"className":4640,"style":2378},[2081],[1968,4642,4644,4647],{"className":4643},[2086],[1968,4645,2363],{"className":4646,"style":2385},[2086,2090],[1968,4648,4650],{"className":4649},[2095],[1968,4651,4653,4674],{"className":4652},[2099,2100],[1968,4654,4656,4671],{"className":4655},[2104],[1968,4657,4659],{"className":4658,"style":4200},[2108],[1968,4660,4661,4664],{"style":2400},[1968,4662],{"className":4663,"style":2117},[2116],[1968,4665,4667],{"className":4666},[2121,2122,2123,2124],[1968,4668,4594],{"className":4669,"style":4670},[2086,2090,2124],"margin-right:0.0502em;",[1968,4672,2132],{"className":4673},[2131],[1968,4675,4677],{"className":4676},[2104],[1968,4678,4680],{"className":4679,"style":2139},[2108],[1968,4681],{},[1968,4683],{"className":4684,"style":2627},[2145],[1968,4686,2021],{"className":4687},[2196],[1968,4689],{"className":4690,"style":2627},[2145],[1968,4692,4694,4697,4700,4703,4706,4709,4712],{"className":4693},[2077],[1968,4695],{"className":4696,"style":2640},[2081],[1968,4698,4379],{"className":4699},[2086],[1968,4701,2044],{"className":4702},[2154],[1968,4704,4169],{"className":4705},[2086],[1968,4707],{"className":4708,"style":4488},[2145],[1968,4710,4386],{"className":4711},[2318],[1968,4713],{"className":4714,"style":4488},[2145],[1968,4716,4718,4721,4724,4727,4730,4733],{"className":4717},[2077],[1968,4719],{"className":4720,"style":2640},[2081],[1968,4722,4607],{"className":4723},[2086],[1968,4725,2061],{"className":4726},[2337],[1968,4728],{"className":4729,"style":4488},[2145],[1968,4731,2056],{"className":4732},[2318],[1968,4734],{"className":4735,"style":4488},[2145],[1968,4737,4739,4742,4745,4748,4751,4754,4757],{"className":4738},[2077],[1968,4740],{"className":4741,"style":2640},[2081],[1968,4743,4379],{"className":4744},[2086],[1968,4746,2044],{"className":4747},[2154],[1968,4749,4273],{"className":4750},[2086],[1968,4752],{"className":4753,"style":4488},[2145],[1968,4755,4386],{"className":4756},[2318],[1968,4758],{"className":4759,"style":4488},[2145],[1968,4761,4763,4766,4769,4772,4775,4778],{"className":4762},[2077],[1968,4764],{"className":4765,"style":2640},[2081],[1968,4767,4379],{"className":4768},[2086],[1968,4770,2061],{"className":4771},[2337],[1968,4773],{"className":4774,"style":2627},[2145],[1968,4776,2021],{"className":4777},[2196],[1968,4779],{"className":4780,"style":2627},[2145],[1968,4782,4784,4787],{"className":4783},[2077],[1968,4785],{"className":4786,"style":3759},[2081],[1968,4788,4628],{"className":4789},[2086],[1793,4791,4792],{},"虽然 A 和 B 的期望支付都为 1 元，B 价格更高，因为它在边际效用高的衰退状态支付更多。它像保险，因此预期收益率更低。",[1800,4794,4796],{"id":4795},"可运行例题支付与-sdf-的协方差决定价格","可运行例题：支付与 SDF 的协方差决定价格",[1793,4798,4799,4800,3829],{},"三项资产期望支付都为 1，但支付状态不同。程序直接计算 ",[1968,4801,4803,4830],{"className":4802},[1975],[1968,4804,4806],{"className":4805},[1979],[1981,4807,4808],{"xmlns":1983},[1986,4809,4810,4827],{},[1989,4811,4812,4814,4816,4818,4820,4823,4825],{},[1995,4813,2363],{},[2004,4815,2021],{},[1995,4817,1997],{},[2004,4819,2007],{"stretchy":2043},[1995,4821,4822],{},"m",[1995,4824,2438],{},[2004,4826,2064],{"stretchy":2043},[2066,4828,4829],{"encoding":2068},"P=E[mX]",[1968,4831,4833,4851],{"className":4832,"ariaHidden":2006},[2073],[1968,4834,4836,4839,4842,4845,4848],{"className":4835},[2077],[1968,4837],{"className":4838,"style":3431},[2081],[1968,4840,2363],{"className":4841,"style":2385},[2086,2090],[1968,4843],{"className":4844,"style":2627},[2145],[1968,4846,2021],{"className":4847},[2196],[1968,4849],{"className":4850,"style":2627},[2145],[1968,4852,4854,4857,4860,4863,4866,4869],{"className":4853},[2077],[1968,4855],{"className":4856,"style":2640},[2081],[1968,4858,1997],{"className":4859,"style":2091},[2086,2090],[1968,4861,2007],{"className":4862},[2154],[1968,4864,4822],{"className":4865},[2086,2090],[1968,4867,2438],{"className":4868,"style":2467},[2086,2090],[1968,4870,2064],{"className":4871},[2337],[4873,4874],"pyodide",{"code64":4875,"layout":4876,"locale":7,"packages":4877,"title":4878},"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","vertical","numpy","Python：坏状态保险与预期收益",[1793,4880,4881],{},"与 SDF 正协方差的衰退保险价格更高、预期收益更低；顺周期资产相反。这是风险补偿的状态定价语言，不代表投资者知道未来状态一定发生。",[1800,4883,4884],{"id":4884},"学习顺序建议",[1804,4886,4887,4900],{},[1807,4888,4889],{},[1810,4890,4891,4894,4897],{},[1813,4892,4893],{},"小节",[1813,4895,4896],{},"先抓住的问题",[1813,4898,4899],{},"需要特别留意",[1820,4901,4902,4913,4995,5005,5016,5027,5038],{},[1810,4903,4904,4907,4910],{},[1825,4905,4906],{},"6.1 CCAPM",[1825,4908,4909],{},"消费风险如何定价",[1825,4911,4912],{},"边际效用、消费增长协方差",[1810,4914,4915,4918,4921],{},[1825,4916,4917],{},"6.2 Euler 与 SDF",[1825,4919,4920],{},"一个公式如何统一定价",[1825,4922,4923,4994],{},[1968,4924,4926,4952],{"className":4925},[1975],[1968,4927,4929],{"className":4928},[1979],[1981,4930,4931],{"xmlns":1983},[1986,4932,4933,4949],{},[1989,4934,4935,4937,4939,4941,4943,4945,4947],{},[1995,4936,1997],{},[2004,4938,2007],{"stretchy":2043},[1995,4940,2549],{},[1995,4942,3463],{},[2004,4944,2064],{"stretchy":2043},[2004,4946,2021],{},[2023,4948,2447],{},[2066,4950,4951],{"encoding":2068},"E[MR]=1",[1968,4953,4955,4985],{"className":4954,"ariaHidden":2006},[2073],[1968,4956,4958,4961,4964,4967,4970,4973,4976,4979,4982],{"className":4957},[2077],[1968,4959],{"className":4960,"style":2640},[2081],[1968,4962,1997],{"className":4963,"style":2091},[2086,2090],[1968,4965,2007],{"className":4966},[2154],[1968,4968,2549],{"className":4969,"style":2690},[2086,2090],[1968,4971,3463],{"className":4972,"style":3490},[2086,2090],[1968,4974,2064],{"className":4975},[2337],[1968,4977],{"className":4978,"style":2627},[2145],[1968,4980,2021],{"className":4981},[2196],[1968,4983],{"className":4984,"style":2627},[2145],[1968,4986,4988,4991],{"className":4987},[2077],[1968,4989],{"className":4990,"style":3759},[2081],[1968,4992,2447],{"className":4993},[2086]," 的经济含义",[1810,4996,4997,4999,5002],{},[1825,4998,1843],{},[1825,5000,5001],{},"收益数据对 SDF 有何约束",[1825,5003,5004],{},"Sharpe 比率与 SDF 波动",[1810,5006,5007,5010,5013],{},[1825,5008,5009],{},"6.4 GMM 估计",[1825,5011,5012],{},"如何把 Euler 方程带到数据里",[1825,5014,5015],{},"矩条件、工具变量、过度识别检验",[1810,5017,5018,5021,5024],{},[1825,5019,5020],{},"6.5 股权溢价之谜",[1825,5022,5023],{},"为什么标准 CCAPM 解释不了股票溢价",[1825,5025,5026],{},"风险厌恶、消费平滑",[1810,5028,5029,5032,5035],{},[1825,5030,5031],{},"6.6 长期风险",[1825,5033,5034],{},"小而持久的增长风险如何被定价",[1825,5036,5037],{},"持久性、递归效用",[1810,5039,5040,5043,5046],{},[1825,5041,5042],{},"6.7 习惯形成",[1825,5044,5045],{},"风险厌恶为什么随经济状态变化",[1825,5047,5048],{},"盈余消费比、时变风险溢价",[1800,5050,5051],{"id":5051},"常见错误与考试陷阱",[1870,5053,5054,5090,5096,5102,5108],{},[1873,5055,5056,5060,5061,5089],{},[5057,5058,5059],"strong",{},"把贴现因子当成常数","：跨期模型中 ",[1968,5062,5064,5077],{"className":5063},[1975],[1968,5065,5067],{"className":5066},[1979],[1981,5068,5069],{"xmlns":1983},[1986,5070,5071,5075],{},[1989,5072,5073],{},[1995,5074,2549],{},[2066,5076,2549],{"encoding":2068},[1968,5078,5080],{"className":5079,"ariaHidden":2006},[2073],[1968,5081,5083,5086],{"className":5082},[2077],[1968,5084],{"className":5085,"style":3431},[2081],[1968,5087,2549],{"className":5088,"style":2690},[2086,2090]," 随状态变化，风险溢价来自这种共变。",[1873,5091,5092,5095],{},[5057,5093,5094],{},"只看支付的期望值","：支付在什么状态发生，比平均支付同样重要。",[1873,5097,5098,5101],{},[5057,5099,5100],{},"混淆消费风险和市场风险","：CAPM 用市场组合，CCAPM 用消费增长；二者相关但不等同。",[1873,5103,5104,5107],{},[5057,5105,5106],{},"认为高消费增长协方差一定好","：与消费同涨同跌的资产在坏状态表现差，通常要求更高预期收益。",[1873,5109,5110,5113],{},[5057,5111,5112],{},"忽略实证难点","：消费数据低频、平滑且有测量误差，导致 CCAPM 检验很困难。",[1800,5115,5116],{"id":5116},"自测题",[1870,5118,5119,5193,5225,5228],{},[1873,5120,5121,5122,5192],{},"为什么 ",[1968,5123,5125,5150],{"className":5124},[1975],[1968,5126,5128],{"className":5127},[1979],[1981,5129,5130],{"xmlns":1983},[1986,5131,5132,5148],{},[1989,5133,5134,5136,5138,5140,5142,5144,5146],{},[1995,5135,1997],{},[2004,5137,2007],{"stretchy":2043},[1995,5139,2549],{},[1995,5141,3463],{},[2004,5143,2064],{"stretchy":2043},[2004,5145,2021],{},[2023,5147,2447],{},[2066,5149,4951],{"encoding":2068},[1968,5151,5153,5183],{"className":5152,"ariaHidden":2006},[2073],[1968,5154,5156,5159,5162,5165,5168,5171,5174,5177,5180],{"className":5155},[2077],[1968,5157],{"className":5158,"style":2640},[2081],[1968,5160,1997],{"className":5161,"style":2091},[2086,2090],[1968,5163,2007],{"className":5164},[2154],[1968,5166,2549],{"className":5167,"style":2690},[2086,2090],[1968,5169,3463],{"className":5170,"style":3490},[2086,2090],[1968,5172,2064],{"className":5173},[2337],[1968,5175],{"className":5176,"style":2627},[2145],[1968,5178,2021],{"className":5179},[2196],[1968,5181],{"className":5182,"style":2627},[2145],[1968,5184,5186,5189],{"className":5185},[2077],[1968,5187],{"className":5188,"style":3759},[2081],[1968,5190,2447],{"className":5191},[2086]," 可以看作“无可改进”的最优条件？",[1873,5194,5195,5196,5224],{},"如果一项资产在 ",[1968,5197,5199,5212],{"className":5198},[1975],[1968,5200,5202],{"className":5201},[1979],[1981,5203,5204],{"xmlns":1983},[1986,5205,5206,5210],{},[1989,5207,5208],{},[1995,5209,2549],{},[2066,5211,2549],{"encoding":2068},[1968,5213,5215],{"className":5214,"ariaHidden":2006},[2073],[1968,5216,5218,5221],{"className":5217},[2077],[1968,5219],{"className":5220,"style":3431},[2081],[1968,5222,2549],{"className":5223,"style":2690},[2086,2090]," 高的状态支付更多，它的价格和预期收益率通常如何变化？",[1873,5226,5227],{},"HJ 边界为什么与最大 Sharpe 比率有关？",[1873,5229,5230],{},"标准 CCAPM 为什么难以解释股权溢价之谜？",[1800,5232,5233],{"id":5233},"答案指引",[1870,5235,5236,5312,5315,5318],{},[1873,5237,5238,5239,5311],{},"若 ",[1968,5240,5242,5269],{"className":5241},[1975],[1968,5243,5245],{"className":5244},[1979],[1981,5246,5247],{"xmlns":1983},[1986,5248,5249,5266],{},[1989,5250,5251,5253,5255,5257,5259,5261,5264],{},[1995,5252,1997],{},[2004,5254,2007],{"stretchy":2043},[1995,5256,2549],{},[1995,5258,3463],{},[2004,5260,2064],{"stretchy":2043},[2004,5262,5263],{},">",[2023,5265,2447],{},[2066,5267,5268],{"encoding":2068},"E[MR]>1",[1968,5270,5272,5302],{"className":5271,"ariaHidden":2006},[2073],[1968,5273,5275,5278,5281,5284,5287,5290,5293,5296,5299],{"className":5274},[2077],[1968,5276],{"className":5277,"style":2640},[2081],[1968,5279,1997],{"className":5280,"style":2091},[2086,2090],[1968,5282,2007],{"className":5283},[2154],[1968,5285,2549],{"className":5286,"style":2690},[2086,2090],[1968,5288,3463],{"className":5289,"style":3490},[2086,2090],[1968,5291,2064],{"className":5292},[2337],[1968,5294],{"className":5295,"style":2627},[2145],[1968,5297,5263],{"className":5298},[2196],[1968,5300],{"className":5301,"style":2627},[2145],[1968,5303,5305,5308],{"className":5304},[2077],[1968,5306],{"className":5307,"style":3759},[2081],[1968,5309,2447],{"className":5310},[2086],"，增加该资产持仓能提高边际效用调整后的收益；若小于 1，应减少持仓。最优时所有可交易资产都满足等式。",[1873,5313,5314],{},"价格更高，预期收益率更低，因为它在投资者最需要财富的状态提供支付。",[1873,5316,5317],{},"高 Sharpe 比率意味着单位风险有很高补偿，要求 SDF 与收益有足够负相关和足够波动。",[1873,5319,5320],{},"消费增长过于平滑，无法在合理风险厌恶参数下产生足够大的风险溢价；若强行匹配，需要非常高的风险厌恶。",[1800,5322,5323],{"id":5323},"小结与过渡",[1793,5325,5326],{},"本章用随机贴现因子把资产定价提升到统一框架：价格取决于现金流与边际效用状态价格的共同变化。下一章转向衍生品，展示在无套利和动态复制下，即使不直接建模投资者偏好，也能对期权等复杂现金流进行定价。",{"title":10,"searchDepth":5328,"depth":5328,"links":5329},2,[5330,5331,5332,5333,5334,5341,5342,5343,5344,5345,5346,5347],{"id":1802,"depth":5328,"text":1802},{"id":1865,"depth":5328,"text":1865},{"id":1911,"depth":5328,"text":1911},{"id":1963,"depth":5328,"text":1963},{"id":3438,"depth":5328,"text":3438,"children":5335},[5336,5338,5339,5340],{"id":3442,"depth":5337,"text":3443},3,{"id":3797,"depth":5337,"text":3797},{"id":3864,"depth":5337,"text":3865},{"id":4101,"depth":5337,"text":4102},{"id":4140,"depth":5328,"text":4141},{"id":4795,"depth":5328,"text":4796},{"id":4884,"depth":5328,"text":4884},{"id":5051,"depth":5328,"text":5051},{"id":5116,"depth":5328,"text":5116},{"id":5233,"depth":5328,"text":5233},{"id":5323,"depth":5328,"text":5323},"跨期选择、消费资本资产定价与随机贴现因子","md",{"sidebar":5351},{"order":5352},6,true,{"title":1284,"description":5348},"xVWBieRkIasO-y7LHLcQtTQ-R0tt1JyKRZq0-f51ufE",[5357,5359],{"title":1278,"path":1279,"stem":1280,"description":5358,"children":-1},"多因子定价模型理论与实践",{"title":1290,"path":1291,"stem":1292,"description":5360,"children":-1},"期权基础、二叉树模型与Black-Scholes公式",1785754746426]