NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Long Term Risk: An Operator Approach

Lars Peter Hansen, Jose Scheinkman

NBER Working Paper No. 12650
Issued in October 2006

---- Acknowledgements -----

Comments from Rene Carmona, Vasco Carvalho, Junghoon Lee, Angelo Melino, Chris Rogers, Mike Stutzer, Grace Tsiang and Yong Wang were very helpful in preparing this paper. This material is based upon work supported by the National Science Foundation under Award Numbers SES0519372 and SES0350770. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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