**Preference, information and asset pricing**

Asset pricing in a long-run risk model with learning. I show the effect of learning depends on IES and not risk-aversion. Learning explains many stylized facts in asset market returns. SFS award for best paper in asset pricing, 2017.

- Technical appendix
- Numerical solution: the Markov chain approximation method
- An earlier version that contains a decomposition of the welfare gain of information

A revealed preference theory of the macro announcement premium. Generalized risk sensitivity is *necessary* to explain asset market fact. SFS Cavalcade 2017 best paper award in asset pricing.

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