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An intertemporal general equilibrium model of asset prices with labor input
Authors:Yang Yunhong
Institution:(1) College of Mathematical Sciences, Wuhan University, 430072 Wuhan, China
Abstract:This paper develops the CIR model. In this model, labor is introduced in the production function and leisure in the direct utility function. We examine how the trade-off between labor and leisure would affect asset prices and derive a familiar principal partial differential equation which asset prices must satisfy. The solution of this equation gives the equilibrium price of any asset in terms of the underlying real variables in economy. Yang Yunhong: born in 1971, Ph. D
Keywords:asset price  equilibrium  labor  leisure
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