Asset Prices in an exchange economy-英文文献.pdf

Asset Prices in an Exchange Economy Author(s): Robert E. Lucas, Jr. Source: Econometrica, Vol. 46, No. 6 (Nov., 1978), pp. 1429-1445 Published by: The Econometric Society Stable URL: /stable/1913837 Accessed: 12/03/2010 05:09 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at /action/showPublisher?publisherCode=econosoc. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. The Econometric Society is collaborating with JSTOR to digitize, preserve and extend access to Econometrica. Econometrica, Vol. 46, No. 6 (November, 1978) ASSET PRICES IN AN EXCHANGE ECONOMY BY ROBERT E. LUCAS, JR. This paper is a theoretical examination of the stochastic behavior of equilibrium asset prices in a one-good, pure exchange economy with identical consumers. A general method of constructing equilibrium prices is developed and applied to a series of examples. 1. INTR