We study consumption, savings, and asset prices in economies with disagreement and production, focusing on settings with real effects of disagreement. Aggregate savings may be significantly distorted under disagreement, possibly related to the undersaving puzzle. In the production economy, mispricing mainly manifests itself in idiosyncratic risk, in contrast to the exchange economy, where the risk-free rate and expected return on the market may be distorted. Potential policy implications include the introduction of investment taxes or subsidies. Our results highlight the real effects of disagreement in financial markets, and the differences between economies with and without production.

中文翻译：

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异质信念生产经济中的扭曲与效率

我们研究存在分歧和生产的经济体中的消费、储蓄和资产价格，重点关注存在分歧实际影响的环境。在分歧下，总储蓄可能会被严重扭曲，这可能与储蓄不足之谜有关。在生产经济中，错误定价主要表现为特殊风险，而在交换经济中，无风险利率和市场预期收益可能会被扭曲。潜在的政策影响包括引入投资税或补贴。我们的结果突出了金融市场分歧的实际影响，以及有生产和没有生产的经济体之间的差异。