We show that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and drive asset … drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well the … unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …

We present evidence that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and … state variable drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well … the unconditional cross-sectional moments of household consumption growth and the moments of the risk free rate, equity …

We show that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and drive asset … drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well the … unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …

transformation of individual utility functions. Under standard assumptions, there is always more current consumption under ex ante …This paper examines consumption decisions under risk assuming a prioritarian social welfare function, namely, a concave … risky future. In contrast, there is usually less current consumption under ex post prioritarianism than under utilitarianism …