Deriving the Dividend Discount Model in the Intermediate Microeconomics Class

Stephen Norman, Jonathan Schlaudraff, Karianne White and Douglas Wills

The Journal of Economic Education, 2013, vol. 44, issue 1, 58-63

Abstract: In this article, the authors show that the dividend discount model can be derived using the basic intertemporal consumption model that is introduced in a typical intermediate microeconomics course. This result will be of use to instructors who teach microeconomics to finance students in that it demonstrates the value of utility maximization in obtaining one of the first stock valuation models used in basic finance.

Date: 2013
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DOI: 10.1080/00220485.2013.740397

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