We find equilibrium stock prices and interest rates in a representative-agent model where dividend growth is uncertain, but gradually revealed by dividends themselves, while asset prices reflect current information and the potential impact of future knowledge. In addition to the usual premium for risk, stock returns include a learning premium, which reflects the expected change in prices from new information. In the long run, the learning premium vanishes, as prices and interest rates converge to their counterparts in the standard setting with known dividend growth. If both relative risk aversion and elasticity of intertemporal substitution are above one, the model reproduces the increase in price-dividend ratios observed in the past century, and implies that—in the long run—price-dividend ratios may increase a further forty percent above current levels.

中文翻译：

---

学习溢价

我们在代表代理模型中找到平衡的股票价格和利率，在该模型中，股息增长不确定，但股息本身逐渐显示出来，而资产价格反映了当前信息和未来知识的潜在影响。除了通常的风险溢价外，股票收益还包括学习溢价，该溢价反映了新信息带来的预期价格变化。从长远来看，学习溢价消失了，因为价格和利率在已知的红利增长的标准环境中收敛于同类产品。如果相对风险规避和跨期替代的弹性都高于1，则该模型会再现过去一个世纪观察到的价格-股息比率的增长，