Mehra and prescott 

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memo241.pdf
... historically, stock has earned an excess return over risk-free assets of about 7%. mehra and prescott (1985) were the first to point out that this observation is not compatible ... has generated a huge literature. recent surveys are given by salomons (2008), donaldson and mehra (2008), and mehra and prescott (2008). from the literature the following types of explanation can be distilled preference ...
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Microsoft Word - discussion156.doc
... mehra and prescott (1985) identified the famous equity premium puzzle according to which there is a discrepancy between the equity premium as measured empirically and the premium that follows from standard theory. mehra and prescott ... ), the lower bound confidence interval is 5.0% and the upper bound contrast, for mehra and prescott (1985) the lower bound is 1.9% and the upper bound is 10.5%. figure ...
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