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This paper studies the implications for general equilibrium asset pricing of a recently introduced class of Kreps-Porteus non-expected utility preferences, which is characterized by a constant intertemporal elasticity of substitution and a constant, but unrelated, coefficient of relative risk aversion. It is shown that the solution to the "equity premium puzzle" documented by Mehra and Prescott [19851 cannot be found, for plausibly calibrated parameter values, by simply separating risk aversion from intertemporal substitution. Rather, relaxing the parametric restriction on tastes implicit in the time-addictive expected utility specification and adopting Kreps-Porteus preferences in the direction of "more realism" is likely to add a "riskfree rate puzzle" to Mehra's and Prescott's "equity premium puzzle."

Entrepreneurship. --- Entrepreneurship

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Organizational change --- Entrepreneurship

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Entrepreneurship --- Informal sector (Economics) --- Small business --- China --- Economic conditions

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Small business --- Small business --- Entrepreneurship --- Petites et moyennes entreprises --- Entrepreneuriat --- Entrepreneurship. --- Small business. --- Small business --- Management --- Gestion --- Management.

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316.354 --- Entrepreneurship --- -Entrepreneurship --- -#SBIB:316.334.2A500 --- #SBIB:35H300 --- Entrepreneur --- Intrapreneur --- Capitalism --- Business incubators --- Organisatiesociologie --- Case studies --- Social aspects --- Organisatiesociologie: algemeen --- Organisatieleer: algemene werken --- 316.354 Organisatiesociologie --- #SBIB:316.334.2A500