collective consumption model, while accounting for general (possibly non-convex) individual preferences. We establish a … nature of consumption externalities (positive or negative) in the intra-household allocation process is non-testable. The … same non-testability conclusion holds for privateness (with or without externalities) or publicness of consumption. By …

Risk premia in the consumption capital asset pricing model depend on preferences and dividend. We develop a … of a preference-based stochastic discount factor for pricing assets with respect to the consumption innovation. Depending … individual consumption. …

which production and consumption bundles are treated separately. Each of the two types of bundles is assumed to establish a …