preference specification by a reference level of consumption. We motivate an alternative model that accounts for the return on … human capital as a determinant of the reference level. Our analysis is based on a broad cross-section of test assets, which … provides a level playing field for a comparison to established benchmark models. The reference level model extended by human …

preference specification by a reference level of consumption. We motivate an alternative model that accounts for the return on … human capital as a determinant of the reference level. Our analysis is based on a broad cross-section of test assets, which … provides a level playing field for a comparison to established benchmark models. The reference level model extended by human …

preference specification by a reference level of consumption. We motivate an alternative model that accounts for the return on … human capital as a determinant of the reference level. Our analysis is based on a broad cross-section of test assets which … provides a level playing field for a comparison to established benchmark models. The human capital extended reference level …

preference specification by a reference level of consumption. We motivate an alternative model that accounts for the return on … human capital as a determinant of the reference level. Our analysis is based on a broad cross-section of test assets which … provides a level playing field for a comparison to established benchmark models. The human capital extended reference level …

preference specification by a reference level of consumption. The novelty is that we use a broad cross-section of test assets … that accounts for the return on human capital as a determinant of the reference level. We find that this extension does a …

preference specification by a reference level of consumption. The novelty is that we use a broad cross-section of test assets … that accounts for the return on human capital as a determinant of the reference level. We find that this extension does a …