Moral hazard, imperfect risk-sharing, and the behavior of asset returns

The equity premium: A puzzle

1985 • 5,686 citations

Asset Prices in an Exchange Economy

1978 • 5,134 citations

The equity premium puzzle and the risk-free rate puzzle

1989 • 1,394 citations

Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends

1980 • 1,351 citations

The Equity Premium Puzzle and the Riskfree Rate Puzzle

1989 • 1,038 citations

The First-Order Approach to Principal-Agent Problems

1985 • 888 citations

The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households

1982 • 671 citations

Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard

1984 • 575 citations

The equity premium and the concentration of aggregate shocks

1986 • 453 citations

Consumption correlatedness and risk measurement in economies with non-traded assets and heterogeneous information

1982 • 253 citations

Habit formation: a resolution of the equity premium puzzle?

2002 • 167 citations

The equity risk premium: A solution?

1988 • 129 citations

Asset Returns With Transactions Costs And Uninsured Individual Risk: A Stage Iii Exercise

1990 • 42 citations

Habit formation: a resolution of the equity premium puzzle

1990 • 20 citations