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003			ZW-GwMSU
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008			230914b |||||||| |||| 00| 0 eng d
040			_aMSU _cMSU _erda
100			_aLIU, Peng
245			_aSpecification tests of habit formation
264			_aNew York _bTaylor & Francis _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aApplied Economics Letters _vVolume , number ,
520			_aCampbell and Cochrane (1999) propose the habit formation model to explain the equity premium puzzle. They assume that an agent’s consumption is affected by habit and describe how habit adjusts to the history of consumption. We use the simulated moment method to test these two specifications. Empirically, we find that habit plays an important role in an agent’s consumption choice, however not in the way Campbell and Cochrane (1999) specify.
650			_aconsumption based CAPM
650			_ahabit formation
650			_asimulated moment method
700			_aREN, Yu
856			_uhttps://doi.org/10.1080/13504851.2013.826871
942			_2lcc _cJA
999			_c163248 _d163248