The project "Asset Pricing with Heterogeneous Investors in Overlapping Generations" aimed at understanding quantitatively the impact of heterogeneity on financial markets, individual or household dynamics in consumption and wealth and portfolio allocations.
Our team works on rationalizing large differences in portfolio holdings ---including nonparticipation--- across households or individuals, experienced based learning and preferences, high trading volume, shifts in the cross-sectional consumption and wealth distribution, and the high volatility of asset returns relative to the volatility of cash flows.

Our research agenda is built on two pillars: 1) We develop efficient methods for solving large scale equilibrium models with heterogeneity in disagreement, risk aversion, and time preference, and models with learning and with frictions, and 2) we work on understanding how disagreement impact the stock and bond markets and aim at estimating equilibrium models with disagreement using survey data.