Leisure Preferences, Long-Run Risks, and Human Capital Returns
研究了休闲偏好如何影响消费和休闲增长的长期风险模型，解释了股权溢价和收益率曲线形态，并推导了人力资本回报的含义。
We analyze the contribution of leisure preferences to a model of long-run risks in leisure and consumption growth. The marginal utility of consumption is affected by short- and long-run risks in leisure under nonseparable and recursive preferences. We match equity risk premia and macroeconomic moments with plausible coefficients of relative-risk aversion. Additionally, the model generates a less negative to positively sloped average real yield curve, depending on the elasticity of substitution between the consumption of nondurables and services and leisure. Further, the incorporation of leisure in utility allows us to derive model implications for the return on human capital. Received October 11, 2011; accepted December 24, 2015 by Editor Wayne Ferson.