the source. Estimating the Equity Premium
Bibliographic record
Abstract
Canadian Economic Association annual meeting at Dalhousie University in Halifax, Nova Scotia. A precursor was presented in January 2007 to the D-CAF Conference on Return Predictability at Copenhagen Business School. I am grateful to participants at both conferences, to John Cochrane, Jon Lewellen, Lubos Pastor, Ivo Welch, and Jeff Wurgler, and particularly to Angelo Melino for their thoughtful comments, to Bob Shiller, Moto Yogo, and my colleagues at Arrowstreet Capital, Sam Thompson and Tuomo Vuolteenaho, for joint research and many conversations on this subject, and to Alex Ogan, also of Arrowstreet Capital, for his able assistance with the data illustrated in Figures 1 through 5. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.006 |
| Meta-epidemiology (narrow) | 0.001 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.006 | 0.007 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.002 | 0.001 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.144 | 0.056 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".