Household Production and Asset Prices
用美国居民用电量作为家庭资本服务流的实时代理变量，检验了家庭生产框架对资产定价的影响，发现该模型能解释股权溢价和股票预期收益的横截面差异，R方达71%。
We empirically examine the asset pricing implications of the Beckerian framework of household production, where utility is derived from both market consumption and home produced goods. We propose residential electricity usage as a real-time proxy for the service flow from household capital, because electricity is used in most modern-day household production activities and it cannot be easily stored. Using U.S. residential electricity usage from 1955 to 2012, our model based on household production explains the equity premium and the cross section of expected stock returns (including those of industry portfolios) with an R 2 of 71%. This paper was accepted by Jerome Detemple, finance.