The Equity Premium Puzzle agenda

Friday, October 28  
10:00 - 10:15am Opening Remarks. Finn Kydland / Peter Kuhn
10:15 - 11:30am William Goetzmann (Yale) and Roger Ibbotson (Yale), History and the Equity Risk Premium / (Goetzmann presenting)
Discussant Stephen LeRoy (UCSB)
11:30 - 11:45am Break
11:45am - 1:00pm Gurdip Bakshi (Maryland) and Zhiwu Chen (Yale), Cash Flow Risk, Discounting Risk, and the Equity Premium Puzzle / (Bakshipresenting)
Discussant: Lior Menzly (Vega)
1:00 - 2:30pm Lunch, Faculty Club
2:30 - 3:45pm Kjetil Storesletten (U Oslo), Chris Telmer (CMU) and Amir Yaron (Wharton), Asset Prices and Intergenerational Risk Sharing: the Role of Idiosyncratic Earnings Shocks (Yaronpresenting)
Discussant: Stan Zin (CMU)
3:45 - 4:00pm Break
4:00 - 5:15pm Nicholas Barberis (Yale) and Ming Huang (Cornell), The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle (Barberis presenting)
Discussant: Ravi Jagannathan (Northwestern)
5:15 - 7:00pm Unscheduled
7:00 - 8:00pm Cocktails at Wine Cask
8:00pm Dinner at Wine Cask (http://www.winecask.com)
   
Saturday, October 29  
9:00 - 10:15am Ravi Bansal (Duke), Risk Compensation in Equity Markets?
Discussant: John Heaton (Chicago)
10:15 - 10:30am Break
10:30 - 11:45am John Heaton (U Chicago) and Debbie Lucas (Kellogg Northwestern), Can Heterogeneity, Undiversifiable Risk, and Trading Frictions Explain the Equity Premium? (Lucas presenting)
Discussant: Kjetil Storesletten (U Oslo)
11:45am - 1:00pm George Constantinides (U Chicago), Understanding the Equity Risk Premium Puzzle
Discussant: Hanno Lustig (UCLA)
1:00 - 2:30pm Lunch
2:30 - 4:30pm Panel Discussion: The Equity Premium: What have we learned in 20 years?
Chair: Edward Prescott (Arizona State)
Panel: Rajnish Mehra (UCSB)
           Martin Weitzman (Harvard)
3:30 - 4:30pm Open to the floor
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