Update 2024-05-22-premia.md

tloen · Feb 18, 2025 · 91aa53d · 91aa53d
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-One of my favorite books is Cochrane's _Asset Pricing_. Chapter 1 of Cochrane outlines the consumption-based capital asset pricing model (CCAPM), which is a shockingly elegant account of asset prices in terms of individual consumption preferences.
+One of my favorite books is Cochrane's _Asset Pricing_. Chapter 1 of Cochrane outlines the consumption-based capital asset pricing model (CCAPM), which is a pleasingly elegant account of asset prices in terms of individual consumption preferences.
 
 When an investor purchases an asset, they are exchanging certain consumption in the present for a variable amount of consumption in the future. These quantities are related in the utility function