摘要翻译：
经济主体对收益不确定的投资进行的估值过程通常取决于他们对未来可能结果的统计观点、他们对风险的态度，当然还有收益结构本身。不同投资机会的收益率各不相同，其相互关系难以解释。对于同一代理人，不同的贴现系数必须用于每一个单独的估值场合。然而，如果人们愿意接受随可能结果而随机变化的贴现，并因此接受随机贴现因子的概念，那么就可以发展出一个经济上一致的理论。资产评估变成了对不同性质状态下的收益进行随机贴现，并根据代理人的概率结构进行权衡的问题。这种方法的优点是显而易见的，因为一个单一的贴现机制足以描述代理如何对任何资产定价。
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英文标题：
《Stochastic discount factors》
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作者：
Constantinos Kardaras
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最新提交年份：
2010
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Pricing of Securities        证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
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英文摘要：
  The valuation process that economic agents undergo for investments with uncertain payoff typically depends on their statistical views on possible future outcomes, their attitudes toward risk, and, of course, the payoff structure itself. Yields vary across different investment opportunities and their interrelations are difficult to explain. For the same agent, a different discounting factor has to be used for every separate valuation occasion. If, however, one is ready to accept discounting that varies randomly with the possible outcomes, and therefore accepts the concept of a stochastic discount factor, then an economically consistent theory can be developed. Asset valuation becomes a matter of randomly discounting payoffs under different states of nature and weighing them according to the agent's probability structure. The advantages of this approach are obvious, since a single discounting mechanism suffices to describe how any asset is priced by the agent.
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PDF链接：
https://arxiv.org/pdf/1001.1184