此篇是2015年发表在American Economic Review一篇关于反周期的风险厌恶情绪与高资产价格波动的关系的论文。

Abstract:

Countercyclical risk aversion can explain major puzzles such as the high volatility of asset prices. Evidence for its existence is, however, scarce because of the host of factors that simultaneously change during financial cycles. We circumvent these problems by priming financial professionalswith either a boom or a bust scenario. Subjects primed with a financial bust were substantially more fearful and risk averse than those primed with a boom, suggesting that fear may play an important role in countercyclical risk aversion. The mechanism described here is relevant for theoryand may explain self-reinforcing processes that amplify market dynamics.