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- Therefore, it is of interest to compare the dispersion in the rates of return in the model and the data. Even though the empirical evidence is scarce, Fagereng et al. (2016a) report the rates of return in the Norwegian data. Rather encouragingly, the dispersion observed in the model matches well with the facts reported in Fagereng et al. (2016a). Let rp ih denote the annual return on the investment portfolio of individual i at age h: rp ih = raih + À (aih, zih) aih ,
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