The Effect of Temporal Risk Aversion on Optimal Consumption, the Equity Premium, and the Equilibrium Interest Rate
区分了时间风险厌恶与通常的风险厌恶，发现时间风险厌恶使平滑消费的吸引力下降，导致均衡利率降低、股权溢价上升，并揭示时间不耐对利率的影响取决于非可分性的性质。
ABSTRACT This paper demonstrates that temporal risk aversion makes smoothing consumption over time less attractive, while the usual risk aversion makes it more attractive. As temporal risk aversion increases, the equilibrium interest rate decreases and the equity premium increases. This paper also shows a striking and novel result that an increase in time impatience can lead to either a decrease or an increase in the interest rate, depending on the nature of the nonseparability.