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Published in 2019 at "Journal of Financial Economics"
DOI: 10.1016/j.jfineco.2018.11.006
Abstract: Abstract I extend the consumption capital asset pricing model to incorporate expanding product variety over time and states of nature. In the model, consumers have a love of variety, and consumption consists of different components:…
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Keywords:
goods asset;
consumption;
asset;
new goods ... See more keywords