reports on direct measures of preference parameters relating to risk tolerance, time preference, and intertemporal … of preference parameters display substantial heterogeneity. The majority of respondents fall into the least risk …-tolerant group, but a substantial minority display higher risk tolerance. The individual measures of intertemporal substitution and …

Many studies document failures of expected utility’s key assumption, the independence axiom. Here, we show that … revealed preference experiment, and without making any parametric assumptions, we show that 1/3 of participants belong in the …

consumption and dividend growth and multiple stochastic volatility processes. The estimation is based on annual consumption data … the volatility processes. Our Bayesian estimation provides strong evidence for a small predictable component in … consumption growth (even if asset return data are omitted from the estimation). Three independent volatility processes capture …

multiple stochastic volatility processes. The estimation is based on annual consumption data from 1929 to 1959, monthly … Bayesian estimation provides strong evidence for a small predictable component in consumption growth (even if asset return data … are omitted from the estimation). Three independent volatility processes capture different frequency dynamics; our …

multiple stochastic volatility processes. The estimation is based on annual consumption data from 1929 to 1959, monthly … Bayesian estimation provides strong evidence for a small predictable component in consumption growth (even if asset return data … are omitted from the estimation). Three independent volatility processes capture different frequency dynamics; our …