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中文摘要：
习惯形成对资产定价有重要的影响，但是以往的研究都没有讨论消费小于习惯形成水平的情况。本文结合经济学中的稳态分析，构造了一个包含消费大于习惯形成水平和消费小于习惯形成水平的离散时间的统一模型。我们的研究表明，当金融市场处于一般均衡状态的时候可能存在多个均衡解；剩余消费比率是股票市场内部波动性的一个来源。这些结果可以帮助我们理解金融市场的内在波动性以及全面了解习惯形成对资产定价的影响。
英文摘要：
Habit formation has a very important impact on the asset pricing, but the situation of consumption less than habit formation has never been discussed in literature. Based on the steady state to asset pricing model, a discrete time asset pricing model is made, which contains two situations, consumption less than habit formation and consumption more than habit formation. The results suggest that in a general equilibrium market, there can be many equilibrium results; and that the surplus consumption ratio can induce the asset price to fluctuate. These results can help us to understand the volatility of the financial market.
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