If you’re ready for a serious education on market elasticity, demand system pricing, and stock market flows, you’ve come to the right place. Ralph Koijen's work on demand system asset pricing and inelastic markets forces you to rethink what you know about financial markets. His work helps to explain why asset prices are so much more volatile than changes in their fundaments would suggest. Koijen is the AQR Capital Management Professor of Finance and Fama Faculty Fellow at the University of Chicago, Booth School of Business. We learned a lot from this conversation, and expect that you will too. Timestamps: 0:00 Intro 3:00 Asset Demand Systems 57:12 Inelastic Markets 1:37:10 Ralph's Definition of Success Participate in our Community Discussion about this Episode: https://community.rationalreminder.ca/t/episode-212-prof-ralph-koijen-demand-system-asset-pricing-inelastic-markets-discussion-thread/18436 Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Shop Merch — https://shop.rationalreminder.ca/ Join the Community — https://community.rationalreminder.ca/ Follow us on Twitter — https://twitter.com/RationalRemind Follow us on Instagram — @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Prof. Ralph Koijen on Twitter — https://twitter.com/rkoijen Prof. Ralph Koijen — http://www.koijen.net 'In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3686935 'Exchange Rates and Asset Prices in a Global Demand System' — https://www.nber.org/papers/w27342 'Which Investors Matter for Equity Valuations and Expected Returns?' — https://www.nber.org/papers/w27402 'A Demand System Approach to Asset Pricing' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2537559 22 in 22 Reading Challenge — Join the Rational Reminder’s 22 in 22 reading challenge! Ben’s Reading Code (22 in 22 Challenge): 7XWESMK Cameron’s Reading Code (22 in 22 Challenge): N62IPTX