Beliefs, Doubts and Learning: Valuing Economic Risk

Lars Peter Hansen

NBER Working Paper No. 12948
Issued in March 2007

---- Acknowledgements -----

Prepared for the 2007 Ely Lecture of for the American Economic Association. The topics I cover in this paper have been influenced by an extensive collaboration with Thomas Sargent. I greatly appreciate conversations with Xiaohong Chen, John Heaton, Ravi Jagannathan, Monika Piazzesi and Martin Schneider. I owe a special acknowledgement to Thomas Sargent and Grace Tsiang who provided many valuable comments on preliminary drafts of this paper. Also I want to thank participants at workshops at NYU and Federal Reserve Bank of Chicago. Junghoon Lee and Ricardo Mayer provided expert research assistance. This material is based upon work supported by the National Science Foundation under Award Number SES0519372. 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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