NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns

Markus K. Brunnermeier, Christian Gollier, Jonathan A. Parker

NBER Working Paper No. 12940
Issued in February 2007

---- Acknowledgements -----

We thank Ing-Haw Cheng, Filippos Papakonstantinou, and seminar participants at MIT and Princeton for helpful comments. 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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