We propose a new method to tighten the restrictions on the admissible pricing kernel space. Our framework improves information-based pricing kernel bounds and can be used to test various asset pricing models. This method incorporates higher moments of asset returns and conditional information based on the possible risk-free rate fluctuations. The variation in the risk-free rate is attributed to two possible states of the economy, and the proposed approach identifies these states and improves the pricing kernel bound.

中文翻译：

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定价内核绑定的无风险利率的信息内容

我们提出了一种新方法来加强对可允许定价内核空间的限制。我们的框架改善了基于信息的定价内核范围，可用于测试各种资产定价模型。该方法基于可能的无风险利率波动，结合了较高的资产收益矩和条件信息。无风险利率的变化归因于经济的两种可能状态，所提出的方法可以识别这些状态并改善定价核心界限。