Consider and infinite-horizon asset pricing model with a representative consumer. The economy has two types of assets. The first asset is a large estate of qt units, that sells for price Ht. The second asset is a stock, at, that has price St per share and pays a dividend of Dt per share. The consumer is endowed with a unit of time in each period to be divided between leisure, lt, and market work nt. The consumer begins life with zero large estate and zero stock ( h0=0 and a0=0 ). Consumption in period t has a nominal price of Pt. The consumer has a utility function u(ct,lt,ht). The consumer has a discount factor