---
title: Does Heterogeneity in Risk Aversion Imply a Downward-Sloping Equity Term Structure?
url: https://www.ml-quant.com/papers/ssrn/4608133/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 4608133
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4608133
featured: 2023-10-25
citations: 0
topic: Macro-Finance & Rates
---


# Does Heterogeneity in Risk Aversion Imply a Downward-Sloping Equity Term Structure?

The study explores a two-agent model's ability to explain equity term structure, suggesting more research is needed to align preference-heterogeneous agent models in asset pricing with empirical evidence.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4608133
- Identifier: SSRN 4608133
- Released: 2023-10-20
- First featured: Quant Letter No. 23 (2023-10-25): https://www.ml-quant.com/issues/2023-10-25/
- Citations (Semantic Scholar): 0
- Published in: not yet
- Topic: Macro-Finance & Rates

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