Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle

Abel (2002) defines uniform pessimism as the subjective distribution being a leftward shift of the objective distribution. He shows that pessimism in the subjective distribution of growth rate of consumption and output can help resolve the equity premium puzzle. We examine his model and investigate...

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Main Authors:	Cheong, Allen Yong Fei, Wong, Mun Mun
Other Authors:	Kang Min Wook
Format:	Final Year Project
Language:	English
Published:	2017
Subjects:	DRNTU::Social sciences
Online Access:	http://hdl.handle.net/10356/69773
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Institution:	Nanyang Technological University
Language:	English

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spelling	sg-ntu-dr.10356-697732019-12-10T14:31:42Z Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle Cheong, Allen Yong Fei Wong, Mun Mun Kang Min Wook School of Humanities and Social Sciences DRNTU::Social sciences Abel (2002) defines uniform pessimism as the subjective distribution being a leftward shift of the objective distribution. He shows that pessimism in the subjective distribution of growth rate of consumption and output can help resolve the equity premium puzzle. We examine his model and investigate the empirical plausibility of pessimism. We measure the amount of pessimism in the survey data on Singapore’s output and consumption growth. Individual forecasters are in fact proven to be pessimistic. Bachelor of Arts 2017-03-27T02:54:28Z 2017-03-27T02:54:28Z 2017 Final Year Project (FYP) http://hdl.handle.net/10356/69773 en Nanyang Technological University 22 p. application/pdf
institution	Nanyang Technological University
building	NTU Library
country	Singapore
collection	DR-NTU
language	English
topic	DRNTU::Social sciences
spellingShingle	DRNTU::Social sciences Cheong, Allen Yong Fei Wong, Mun Mun Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle
description	Abel (2002) defines uniform pessimism as the subjective distribution being a leftward shift of the objective distribution. He shows that pessimism in the subjective distribution of growth rate of consumption and output can help resolve the equity premium puzzle. We examine his model and investigate the empirical plausibility of pessimism. We measure the amount of pessimism in the survey data on Singapore’s output and consumption growth. Individual forecasters are in fact proven to be pessimistic.
author2	Kang Min Wook
author_facet	Kang Min Wook Cheong, Allen Yong Fei Wong, Mun Mun
format	Final Year Project
author	Cheong, Allen Yong Fei Wong, Mun Mun
author_sort	Cheong, Allen Yong Fei
title	Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle
title_short	Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle
title_full	Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle
title_fullStr	Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle
title_full_unstemmed	Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle
title_sort	is there evidence of pessimism in subjective distributions in singapore? implications on the equity premium puzzle
publishDate	2017
url	http://hdl.handle.net/10356/69773
_version_	1681045158784663552

Is there evidence of pessimism in subjective distributions in Singapore? Implications on the equity premium puzzle

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