In this paper we propose a simple, intuitive approach to asset valuation inudterms of marginal contributions to the characteristics (moments) of theudmarket portfolio. Considering only the first two moments, mean andudvariance, the valuation equation is shown to correspond to Sharpe’s CAPM.udA risk-neutral pricing formula is easily derived, showing the equivalenceudbetween CAPM and the Black and Scholes’ model. Extensions to higherudmoments like skewness and kurtosis are straightforward, providing audgeneralized valuation equation. Finally, the generalized equation is derivedudin a different, more rigorous way, as a result of a classical intertemporaludgeneral equilibrium model.
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机译：在本文中，我们提出了一种简单直观的资产评估方法，即根据对udmarket投资组合的特征（时刻）的边际贡献。仅考虑前两个时刻，均值和 udvariance，评估方程式就与Sharpe的CAPM相对应。 ud风险中性定价公式很容易推导，显示了CAPM与Black and Scholes模型之间的等价性。偏斜和峰度等较高拖延的扩展很简单，提供了预算化的估值方程。最终，由于经典的跨期预算平衡模型，以另一种更严格的方式导出了广义方程。
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