Modeling the Long Run: Valuation in Dynamic Stochastic Economies

Lars Peter Hansen

NBER Working Paper No. 14243
Issued in August 2008

---- Acknowledgements ----

Prepared for the Fisher-Schultz Lecture at the 2006 European Meetings of the Econometric Society. I appreciate helpful comments by Emilio Barucci, Jaroslav Borovicka, Buz Brock, Valentin Haddad, Mark Hendricks, Eric Janofsky, Jim Marrone, Nour Meddahi, Monika Piazzesi, Phil Reny, Chris Rogers, Jose Scheinkman, Grace Tsiang, Harald Uhlig, Jessica Wachter and Neng Wang, Amir Yaron. This paper is very much influenced by my joint work with John Heaton, Nan Li and Jose Scheinkman on this topic and by related work I have done with Xiaohong Chen and Tom Sargent. 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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