Cochrane (1991, 1996) created a production CAPM (PCAPM). How is the PCAPM different from the consumption CAPM

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Cochrane (1991, 1996) created a production CAPM (PCAPM). How is the PCAPM different from the consumption CAPM (CCAPM)? He tested it using a single factor model. Write the equation for this model and discuss his results.

What did he conclude?

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