Econometrics of Fair Values
Econometrics of Fair Values
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公允价值计量经济学
DOI：
10.2308/acch.2008.22.1.111
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发表时间：
2008
影响因子：
2.5
通讯作者：
S. Sunder
中科院分区：
文献类型：
--
作者：
S. Sunder
许多重要的估值规则的属性可以在一个统一的框架中进行量化、检查和比较，以帮助决策。估值规则可以被看作是总量的未观测值的计量经济学估计。哪种估值规则具有最小均方误差（相对于未观察到的资源束价值）是一个计量经济学问题，而不是理论或原则;它以一种已知的方式取决于经济、行业或公司的参数（价格波动和测量误差）的相对大小。一般来说，没有一个估值规则，公平与否，支配着其他规则。给定环境参数，该框架可以帮助确定有效的估值规则。
The properties of many important valuation rules can be quantified, examined, and compared in a unified framework to assist policy decisions. Valuation rules can be viewed as econometric estimators of unobserved values of aggregates. Which valuation rule has minimum mean squared error (relative to the unobserved value of bundles of resources) is a matter of econometrics, not of theory or principle; it depends in a known fashion on the relative magnitudes of the parameters—price volatility and measurement errors—of the economy, industry, or firm. In general, no valuation rule, fair or not, dominates the others. Given the parameters of an environment, this framework can help identify efficient valuation rules.