Surveys, papers and books on the ERP

Some interesting papers on the ERP:

Market Risk Premium used in 56 countries in 2011: a survey with 6,014 answers

The Equity Premium in 150 Textbooks

Equity Premium: Historical, Expected, Required and Implied

  • This work provides a fairly in-depth analysis of the differences between the various definitions of ERP and a comprehensive survey of major sources for estimates of these. In general, the estimates of the Expected ERP over T-bonds (rather than short-dated T-bills) are in line with the range I use of 3% to 5% with several showing values to the lower end of this range.
The debate certainly isn’t over, but these papers and the referenced papers, research and textbooks are a good starting place to get up to speed.