{"id":1551,"date":"2024-05-13T18:04:43","date_gmt":"2024-05-13T18:04:43","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1551"},"modified":"2024-06-15T23:44:24","modified_gmt":"2024-06-15T19:44:24","slug":"erp-%e1%83%98%e1%83%a1-%e1%83%a1%e1%83%98%e1%83%a0%e1%83%97%e1%83%a3%e1%83%9a%e1%83%94","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/05\/13\/erp-%e1%83%98%e1%83%a1-%e1%83%a1%e1%83%98%e1%83%a0%e1%83%97%e1%83%a3%e1%83%9a%e1%83%94\/","title":{"rendered":"ERP Puzzle"},"content":{"rendered":"\n

In academic studies, the risk premium is usually estimated at 6-7%. However, what opinion should be expressed about the segmentation of time and calculation mechanisms, as many interpret these figures differently.<\/p>\n\n\n\n

But does theory follow practice?<\/p>\n\n\n\n

Initially, this question arose in 1985 (Mehra and Prescott)* when researchers evaluated the risk premium at 6% and argued that this is a very large figure from the perspective of a rational investor. It implies that the risk aversion in the investment market is high, which should be noted\u2026<\/p>\n\n\n\n

As a result, different hypotheses have emerged to explain the high-risk premium:<\/p>\n\n\n\n

    \n
  1. Selection bias:<\/li>\n<\/ol>\n\n\n\n

    The oldest and most comprehensive information on capital markets is available for the US market, representing successful markets compared to others, whose statistics reflect the success of the market where the majority of the most important transactions occur.<\/p>\n\n\n\n

    This suggests that the global market’s true risk premium should be lower. Studies conducted by Mehra and Prescott in 2002* estimated the figure at 4%-6%. However, experts argue that these figures are too high for rational investors;<\/p>\n\n\n\n

      \n
    1. Catastrophe insurance:<\/li>\n<\/ol>\n\n\n\n

      A portion of investors (Reitz) argues that market statistics reflect real volatility rather than potential. Rational investors anticipate these catastrophes. Between 1918 and 2006, with research conducted in 447 countries (Berkman, Jacobsen, and Lee; 2010)<\/em>, the Crisis Index was created, demonstrating that crises disproportionately affect industries with high ERP;<\/p>\n\n\n\n

        \n
      1. Tax effects:<\/li>\n<\/ol>\n\n\n\n

        McGrattan and Prescott (2001)* showed that in a hypothetical relationship, if corporate taxes were reduced from 50% to 0% over the last 40 years, the ERP increased by 1.8%, which is higher than the real GDP growth. However, with studies from the last period, the increase in tax reduction has not been confirmed*.<\/p>\n\n\n\n

          \n
        1. Structure of public preferences:<\/li>\n<\/ol>\n\n\n\n

          A portion of Epstein and Zin’s research indicates that a higher ERP may be justified nonrationally in the model, using traditional consumer theory (Utility Theory), which does not account for changes in risk aversion over time.<\/p>\n\n\n\n

          When the public theory is modified and the element of time is introduced, we see that a high ERP is rational;<\/p>\n\n\n\n

            \n
          1. Myopic loss aversion:<\/li>\n<\/ol>\n\n\n\n

            One of the most important insights of behavioral finance is that investors who more frequently and systematically obtain information about the market take on more risk premiums.<\/p>\n\n\n\n

            Benartzi and Thaler* demonstrated that if investors shorten their horizons to one year, the modeled ERP matches empirical indicators.<\/p>\n\n\n\n

            *Equity Risk Premiums (ERP): Determinants, Estimation and Implications \u2013 The 2013 Edition Updated: March 2013; Aswath Damodaran; Stern School of Business<\/p>\n\n\n\n

            —————————————————————————————————————<\/p>\n\n\n\n

            #ERP<\/a> Puzzle
            \u10d0\u10d9\u10d0\u10d3\u10d4\u10db\u10d8\u10e3\u10e0 \u10dc\u10d0\u10e8\u10e0\u10dd\u10db\u10d4\u10d1\u10e8\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10d0 6-7%-\u10d8\u10d7 \u10d2\u10d0\u10dc\u10d8\u10e1\u10d0\u10d6\u10e6\u10d5\u10e0\u10d4\u10d1\u10d0 \u10ee\u10dd\u10da\u10db\u10d4. \u10e0\u10d0 \u10d7\u10e5\u10db\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10d0\u10e9\u10dc\u10d8\u10d0 \u10d3\u10e0\u10dd\u10d8\u10e1 \u10e1\u10d4\u10d2\u10db\u10d4\u10dc\u10e2\u10e1 \u10d3\u10d0 \u10d3\u10d0\u10d7\u10d5\u10da\u10d8\u10e1 \u10db\u10d4\u10e5\u10d0\u10dc\u10d8\u10d6\u10db\u10d4\u10d1\u10e1, \u10d7\u10e3\u10db\u10ea\u10d0 \u10d0\u10db \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10e1 \u10d1\u10d4\u10d5\u10e0\u10d8 \u10d0\u10e6\u10d8\u10e5\u10d5\u10d0\u10d5\u10e1 \u10db\u10d8\u10e1\u10d0\u10e6\u10d4\u10d1\u10d0\u10d3.

            \u10db\u10d0\u10d2\u10e0\u10d0\u10db, \u10e8\u10d4\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d4\u10d1\u10d0 \u10d7\u10e3 \u10d0\u10e0\u10d0 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e1?

            \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d0\u10d3 \u10d4\u10e1 \u10d9\u10d8\u10d7\u10ee\u10d5\u10d0 1985-\u10ec\u10d4\u10da\u10e1 \u10d3\u10d0\u10d8\u10e1\u10d5\u10d0 (Mehra and Prescott)*, \u10e0\u10dd\u10ea\u10d0 \u10db\u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10e0\u10d4\u10d1\u10db\u10d0, \u10e8\u10d4\u10d0\u10e4\u10d0\u10e1\u10d4\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10d0 6%-\u10d0\u10d3 \u10d3\u10d0 \u10d7\u10e5\u10d5\u10d4\u10e1 \u10e0\u10dd\u10db \u10d4\u10e1 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10d3\u10d8\u10d3\u10d8 \u10ea\u10d8\u10e4\u10e0\u10d8\u10d0 \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8\u10e1 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d4\u10d3\u10d8\u10d3\u10d0\u10dc. \u10d0\u10dc\u10e3 \u10d2\u10d0\u10db\u10dd\u10d3\u10d8\u10e1 \u10e0\u10dd\u10db \u10d6\u10d4\u10d3\u10db\u10d4\u10e2\u10d0\u10d3 \u10e0\u10d8\u10e1\u10d9 \u10d0\u10db\u10e0\u10d8\u10d3\u10d4\u10d1\u10da\u10e3\u10e0\u10d8\u10d0 (Risk Averse) \u10e1\u10d0\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10dd \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8 \u10d3\u10d0 \u10d4\u10e1 \u10e0\u10d0\u10e6\u10d0\u10ea\u10d8\u10d7 \u10e3\u10dc\u10d3\u10d0 \u10d0\u10d8\u10ee\u10e1\u10dc\u10d0\u10e1…

            \u10d0\u10db\u10d8\u10e1 \u10e8\u10d4\u10d3\u10d4\u10d2\u10d0\u10d3 \u10e9\u10d0\u10db\u10dd\u10e7\u10d0\u10da\u10d8\u10d1\u10d3\u10d0 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10e1 \u10d0\u10db\u10ee\u10e1\u10dc\u10d4\u10da\u10d8 \u10e1\u10ee\u10d5\u10d0\u10d3\u10d0\u10e1\u10ee\u10d5\u10d0 \u10f0\u10d8\u10de\u10dd\u10d7\u10d4\u10d6\u10d4\u10d1\u10d8:

            1. \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d8\u10d7\u10d8 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0:

            \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e7\u10d5\u10d4\u10da\u10d0\u10d6\u10d4 \u10eb\u10d5\u10d4\u10da\u10d8 \u10d3\u10d0 \u10e1\u10e0\u10e3\u10da\u10e7\u10dd\u10e4\u10d8\u10da\u10d8 \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d0 \u10d2\u10d5\u10d0\u10e5\u10d5\u10e1 \u10d0\u10e8\u10e8-\u10d1\u10d0\u10d6\u10e0\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10e0\u10d0\u10ea \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10e1 \u10e1\u10ee\u10d5\u10d4\u10d1\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10ec\u10d0\u10e0\u10db\u10d0\u10e2\u10d4\u10d1\u10e3\u10da \u10d1\u10d0\u10d6\u10d0\u10e0\u10e1, \u10e0\u10dd\u10db\u10da\u10d8\u10e1 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0\u10e1 \u10db\u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e3\u10db\u10e0\u10d0\u10d5\u10da\u10d4\u10e1\u10dd\u10d1\u10d0 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d0.

            \u10d4\u10e1 \u10dc\u10d8\u10e8\u10dc\u10d0\u10d5\u10e1, \u10e0\u10dd\u10db \u10d2\u10da\u10dd\u10d1\u10d0\u10da\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10dc\u10d0\u10db\u10d3\u10d5\u10d8\u10da\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10de\u10e0\u10d4\u10db\u10d8\u10d0 \u10e3\u10e4\u10e0\u10dd \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u10e3\u10dc\u10d3\u10d0 \u10d8\u10e7\u10dd\u10e1. 2002 \u10ec\u10da\u10d8\u10e1 \u10d2\u10da\u10dd\u10d1\u10d0\u10da\u10e3\u10e0\u10d8 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10d9\u10d5\u10da\u10d4\u10d5\u10d4\u10d1\u10d8\u10d7 (Mehra and Prescott)* \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 4%-6%-\u10db\u10d3\u10d4 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d3\u10d0. \u10d7\u10e3\u10db\u10ea\u10d0 \u10db\u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10e0\u10d4\u10d1\u10d8 \u10d0\u10db\u10d1\u10dd\u10d1\u10d4\u10dc \u10e0\u10dd\u10db \u10d4\u10e1 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10d8\u10ea \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10db\u10d0\u10e6\u10d0\u10da\u10d8\u10d0 \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1;

            2. \u10d9\u10d0\u10e2\u10d0\u10e1\u10e2\u10e0\u10dd\u10e4\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10d6\u10e6\u10d5\u10d4\u10d5\u10d0:

            \u10db\u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d4\u10e0\u10d7\u10d8 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 (Reitz*) \u10d7\u10d5\u10da\u10d8\u10e1, \u10e0\u10dd\u10db \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10e1\u10e2\u10d0\u10e2\u10d8\u10e1\u10e2\u10d8\u10d9\u10d0 \u10d0\u10e1\u10d0\u10ee\u10d0\u10d5\u10e1 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10e0\u10ee\u10d4\u10d5\u10d0\u10e1 (Volatility) \u10d3\u10d0 \u10d0\u10e0\u10d0 \u10de\u10dd\u10e2\u10d4\u10dc\u10ea\u10d8\u10e3\u10e0\u10e1. \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8 \u10d9\u10d8 \u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10d4\u10dc \u10d0\u10db \u10d9\u10d0\u10e2\u10d0\u10e1\u10e2\u10e0\u10dd\u10e4\u10d4\u10d1\u10e1. 1918-2006 \u10ec\u10da\u10d4\u10d1\u10d8\u10e1, 447 \u10e5\u10d5\u10d4\u10e7\u10dc\u10d8\u10e1 \u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10d6\u10d4 \u10d3\u10d0\u10e4\u10e3\u10eb\u10dc\u10d4\u10d1\u10d8\u10d7 (Berkman, Jacobsen and Lee; 2010)* \u10e8\u10d4\u10d8\u10e5\u10db\u10d1\u10d0 \u10d9\u10e0\u10d8\u10d6\u10d8\u10e1\u10d8\u10e1 \u10d8\u10dc\u10d3\u10d4\u10e5\u10e1\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10db\u10d0\u10ea \u10d0\u10e9\u10d5\u10d4\u10dc\u10d0 \u10e0\u10dd\u10db \u10d9\u10e0\u10d8\u10d6\u10d8\u10e1\u10d4\u10d1\u10d8 \u10d0\u10e0\u10d0\u10de\u10e0\u10dd\u10de\u10dd\u10e0\u10ea\u10d8\u10e3\u10da\u10d0\u10d3 \u10db\u10d0\u10e6\u10d0\u10da \u10d2\u10d0\u10d5\u10d4\u10da\u10d0\u10dc\u10e1 \u10d0\u10ee\u10d3\u10d4\u10dc\u10d4\u10dc \u10d3\u10d0\u10d6\u10d8\u10d0\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d4\u10d1\u10d8\u10e1 ERP-\u10d6\u10d4;

            3. \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d8:

            \u10db\u10d9\u10d5\u10d4\u10da\u10d5\u10d0\u10e0\u10d4\u10d1\u10db\u10d0 (McGrattan and Prescott, 2001)*, \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10e1, \u10e0\u10dd\u10db \u10f0\u10d8\u10de\u10dd\u10d7\u10d4\u10e2\u10d8\u10e3\u10e0 \u10e0\u10d4\u10da\u10d0\u10dd\u10d1\u10d0\u10e8\u10d8, \u10d1\u10dd\u10da\u10dd 40 \u10ec\u10da\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8, \u10d7\u10e3 \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d8 50%-\u10d3\u10d0\u10dc 0%-\u10db\u10d3\u10d4 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d4\u10d1\u10dd\u10d3\u10d0, \u10db\u10d0\u10e8\u10d8\u10dc ERP-\u10d2\u10d0\u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10dd\u10d0\u10d3 1.8%-\u10d8\u10d7, \u10e0\u10d0\u10ea \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 GDP-\u10e1 \u10d6\u10e0\u10d3\u10d0\u10d6\u10d4 \u10e3\u10e4\u10e0\u10dd \u10db\u10d4\u10e2\u10d8\u10d0. \u10d7\u10e3\u10db\u10ea\u10d0, \u10d1\u10dd\u10da\u10dd \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d9\u10d5\u10da\u10d4\u10d5\u10d4\u10d1\u10d8\u10d7 \u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0 \u10e1\u10e0\u10e3\u10da\u10d0\u10d3 \u10d5\u10d4\u10e0 \u10d3\u10d0\u10e1\u10e2\u10e3\u10e0\u10d3\u10d4\u10d1\u10d0*.

            4. \u10e1\u10d0\u10db\u10dd\u10db\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10da\u10dd \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10e1\u10e2\u10e0\u10e3\u10e5\u10e2\u10e3\u10e0\u10d0:

            \u10db\u10d9\u10d5\u10d4\u10da\u10d0\u10e0\u10d4\u10d1\u10d8\u10e1 (Epstein and Zin) \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10d7\u10d5\u10da\u10d8\u10e1 \u10e0\u10dd\u10db \u10d3\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10d1\u10d0\u10d3\u10d8 ERP-\u10d8\u10e1 \u10d0\u10e0\u10d0\u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10d3\u10dd\u10dc\u10d4 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d0\u10d8\u10ee\u10e1\u10dc\u10d0\u10e1 \u10d8\u10db\u10d8\u10d7, \u10e0\u10dd\u10db \u10e8\u10d4\u10e1\u10d0\u10e4\u10d0\u10e1\u10d4\u10d1\u10da\u10d0\u10d3 \u10db\u10dd\u10d3\u10d4\u10da\u10e8\u10d8 \u10d2\u10d0\u10db\u10dd\u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10d0 \u10e2\u10e0\u10d0\u10d3\u10d8\u10ea\u10d8\u10e3\u10da\u10d8 \u10e1\u10d0\u10db\u10dd\u10db\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10da\u10dd \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 (Utility Theory), \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10d0\u10e0 \u10d8\u10d7\u10d5\u10d0\u10da\u10d8\u10e1\u10ec\u10d8\u10dc\u10d4\u10d1\u10e1 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10d0\u10db\u10e0\u10d8\u10d3\u10d4\u10d1\u10da\u10dd\u10d1\u10d8\u10e1 \u10ea\u10d5\u10d0\u10da\u10d4\u10d1\u10d0\u10d3\u10dd\u10d1\u10d0\u10e1 “\u10d3\u10e0\u10dd\u10e8\u10d8”.

            \u10d7\u10e3 \u10e1\u10d0\u10db\u10dd\u10db\u10ee\u10db\u10d0\u10e0\u10d4\u10d1\u10da\u10dd \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0\u10e1 \u10d2\u10d0\u10d5\u10d0\u10e0\u10d7\u10e3\u10da\u10d4\u10d1\u10d7 \u10d3\u10d0 \u10d3\u10e0\u10dd\u10d8\u10e1 \u10d4\u10da\u10d4\u10db\u10d4\u10dc\u10e2\u10e1 \u10e8\u10d4\u10db\u10dd\u10d5\u10d8\u10e2\u10d0\u10dc\u10d7, \u10db\u10d0\u10e8\u10d8\u10dc \u10d5\u10dc\u10d0\u10ee\u10d0\u10d5\u10d7 \u10e0\u10dd\u10db \u10db\u10d0\u10e6\u10da\u10d8 ERP \u10e0\u10d0\u10ea\u10d8\u10dd\u10dc\u10d0\u10da\u10e3\u10e0\u10d8\u10d0;

            5. \u10db\u10dd\u10d9\u10da\u10d4\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d8\u10e1 \u10d0\u10db\u10e0\u10d8\u10d3\u10d4\u10d1\u10da\u10dd\u10d1\u10d0 (Myobic Loss Aversion):

            \u10d1\u10d8\u10f0\u10d4\u10d5\u10d8\u10e0\u10d8\u10e1\u10e2\u10e3\u10da\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d4\u10e0\u10d7-\u10d4\u10e0\u10d7\u10d8 \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8 \u10db\u10d8\u10d2\u10dc\u10d4\u10d1\u10d0\u10d0 \u10e0\u10dd\u10db \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10ee\u10e8\u10d8\u10e0\u10d0\u10d3 \u10d3\u10d0 \u10e1\u10d8\u10e1\u10e2\u10d4\u10db\u10d0\u10e2\u10d8\u10e3\u10e0\u10d0\u10d3 \u10d8\u10e6\u10d4\u10d1\u10d4\u10dc \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10d8 \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10d0\u10db\u10e0\u10d8\u10d3\u10d4\u10d1\u10da\u10e3\u10e0\u10d4\u10d1\u10d8 \u10ee\u10d3\u10d4\u10d1\u10d8\u10d0\u10dc.

            \u10db\u10d9\u10d5\u10da\u10d4\u10d5\u10d0\u10e0\u10d4\u10d1\u10db\u10d0 (Benartzi and Thaler)* \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10e1, \u10e0\u10dd\u10db \u10d7\u10e3 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d7\u10d0 \u10f0\u10dd\u10e0\u10d8\u10d6\u10dd\u10dc\u10e2\u10e1 \u10e8\u10d4\u10d0\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d4\u10dc \u10d4\u10e0\u10d7\u10d8 \u10ec\u10da\u10d0\u10db\u10d3\u10d4, \u10db\u10d0\u10e8\u10d8\u10dc \u10db\u10dd\u10d3\u10d4\u10da\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 ERP \u10d3\u10d0\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0 \u10d3\u10d0\u10d9\u10d5\u10d8\u10e0\u10d5\u10d4\u10d1\u10d0\u10d3 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10da\u10d4\u10d1\u10e1.

            *Equity Risk Premiums (ERP): Determinants, Estimation and Implications \u2013 The 2013 Edition Updated: March 2013; Aswath Damodaran; Stern School of Business<\/p>\n","protected":false},"excerpt":{"rendered":"

            In academic studies, the risk premium is usually estimated at 6-7%. However, what opinion should be expressed about the segmentation of time and calculation mechanisms, as many interpret these figures differently. But does theory follow practice? Initially, this question arose in 1985 (Mehra and Prescott)* when researchers evaluated the risk premium at 6% and argued […]<\/p>\n","protected":false},"author":12998525,"featured_media":1553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675922,15122,37372,92589997,772049227],"tags":[],"class_list":{"0":"post-1551","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-equity-risk-premiums-by-aswath-damodaran","8":"category-sources","9":"category-risk","10":"category-value-fundamentals","11":"category-wacc-coc-structure","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/screenshot-2024-05-13-220354.png?fit=675%2C436&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-p1","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1551"}],"version-history":[{"count":5,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1551\/revisions"}],"predecessor-version":[{"id":2845,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1551\/revisions\/2845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1553"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}