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Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework
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This paper develops a class of recursive, but not necessarily expected utility, preferences over intertemporal consumption lotteries. An important feature of these general preferences is that they permit risk attitudes to be disentangled from the degree of intertemporal substitutability. Moreover, in an infinite horizon, representative-agent context, these preference specifications lead to a model of asset returns in which appropriate versions of both the atemporal CAPM and the intertemporal consumption CAPM are nested as special cases. In the authors' general model, systematic risk of an asset is determined by covariance with both the return to the market portfolio and consumption growth. Copyright 1989 by The Econometric Society."> <META NAME="keywords" CONTENT=""> <META NAME="jel_code" CONTENT=""> <META NAME="author" CONTENT="Epstein, Larry G & Zin, Stanley E"> <META NAME="author_shortid" CONTENT="pep2; pzi46"> <META NAME="title" CONTENT="Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework"> <META NAME="download" CONTENT="1"> <META NAME="freedownload" CONTENT="0"> <META NAME="date" CONTENT="1989-02-02"> <META NAME="citation_publication_date" CONTENT="1989"> <META NAME="citation_authors" content="Epstein, Larry G; Zin, Stanley E"> <META NAME="citation_title" content="Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework"> <META NAME="citation_abstract" content=" This paper develops a class of recursive, but not necessarily expected utility, preferences over intertemporal consumption lotteries. An important feature of these general preferences is that they permit risk attitudes to be disentangled from the degree of intertemporal substitutability. Moreover, in an infinite horizon, representative-agent context, these preference specifications lead to a model of asset returns in which appropriate versions of both the atemporal CAPM and the intertemporal consumption CAPM are nested as special cases. In the authors' general model, systematic risk of an asset is determined by covariance with both the return to the market portfolio and consumption growth. Copyright 1989 by The Econometric Society."> <META NAME="citation_publisher" content="Econometric Society"> <META NAME="citation_journal_title" content="Econometrica"> <META NAME="citation_keywords" content=""> <META NAME="citation_abstract_html_url" content="https://ideas.repec.org/a/ecm/emetrp/v57y1989i4p937-69.html"> <META NAME="citation_abstract_pdf_url" content="https://ideas.repec.org/a/ecm/emetrp/v57y1989i4p937-69.html"> <META NAME="redif-type" content="article"> <META NAME="citation_type" content="redif-article"> <META NAME="citation_year" content="1989"> <META NAME="citation_volume" content="57"> <META NAME="citation_issue" content="4"> <META NAME="citation_firstpage" content="937"> <META NAME="citation_lastpage" content="969"> <META NAME="twitter:card" content="summary_large_image"> <META NAME="twitter:site" content="@repec_org"> <META NAME="twitter:title" content="Substitution, Risk Aversion, and the Temporal Behavior of Consumption "> <META NAME="twitter:description" content=" This paper develops a class of recursive, but not necessarily expected utility, preferences over intertemporal consumption lotteries. An important feature of these general preferences is that they pe"> <META NAME="twitter:image" content="https://ideas.repec.org/cgi-bin/twimage.cgi?a&ecm:emetrp:v:57:y:1989:i:4:p:937-69"> <META PROPERTY="og:type" content="article"> <META PROPERTY="og:title" content="Substitution, Risk Aversion, and the Temporal Behavior of Co"> <META PROPERTY="og:description" content=" This paper develops a class of recursive, but not necessarily expected utility, preferences over intertemporal consumption lotteries. 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An important feature of these general preferences is that they permit risk attitudes to be disentangled from the degree of intertemporal substitutability. Moreover, in an infinite horizon, representative-agent context, these preference specifications lead to a model of asset returns in which appropriate versions of both the atemporal CAPM and the intertemporal consumption CAPM are nested as special cases. In the authors' general model, systematic risk of an asset is determined by covariance with both the return to the market portfolio and consumption growth. 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id="registered-authors"> <a href="https://authors.repec.org/">Registered:</a> <ul id="authorregistered"><li><a href="/e/pep2.html">Larry G. Epstein </A></li> <li><a href="/e/pzi46.html">Stanley E. Zin </A></li> </ul> </div> </div> </div> <h2 style="clear:left">Abstract</h2><div id="abstract-body"> This paper develops a class of recursive, but not necessarily expected utility, preferences over intertemporal consumption lotteries. An important feature of these general preferences is that they permit risk attitudes to be disentangled from the degree of intertemporal substitutability. Moreover, in an infinite horizon, representative-agent context, these preference specifications lead to a model of asset returns in which appropriate versions of both the atemporal CAPM and the intertemporal consumption CAPM are nested as special cases. In the authors' general model, systematic risk of an asset is determined by covariance with both the return to the market portfolio and consumption growth. Copyright 1989 by The Econometric Society.</div> <h2>Suggested Citation</h2> <div id="biblio-body"> <LI class="list-group-item downgate"> Epstein, Larry G & Zin, Stanley E, 1989. "<B><A HREF="/a/ecm/emetrp/v57y1989i4p937-69.html">Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework</A></B>," <A HREF="/s/ecm/emetrp.html">Econometrica</A>, Econometric Society, vol. 57(4), pages 937-969, July. </li> Handle: <i style="word-break:break-all">RePEc:ecm:emetrp:v:57:y:1989:i:4:p:937-69</i> <form method="post" action="/cgi-bin/refs.cgi" enctype="multipart/form-data" target="refs" class="form-inline" role="form" style="margin-bottom: 10px;"> <input type="hidden" name="handle" value="RePEc:ecm:emetrp:v:57:y:1989:i:4:p:937-69"> <div class="pull-left" style="padding-right: 2px;"> <input type="submit" class="btn btn-default fa" name="ref" value="Export reference "> as </div> <div class="col-xs-8" style="padding-left: 0;"> <select name="output" size="1"> <option value="0">HTML</option> <option value="0.5">HTML with abstract</option> <option value="1">plain text</option> <option value="1.5">plain text with abstract</option> <option value="2">BibTeX</option> <option value="3">RIS (EndNote, RefMan, ProCite)</option> <option value="4">ReDIF</option> <option value="6">JSON</option> </select> </div> </form></div> </div> <div class="tab-pane fade" id="download" role="tabpanel" aria-labelledby="download-tab"> <h2>Download full text from publisher</h2><p></p> <FORM METHOD=GET ACTION="/cgi-bin/get_doc.pl" target="_blank"> <INPUT TYPE=HIDDEN NAME="urn" VALUE="RePEc:ecm:emetrp:v:57:y:1989:i:4:p:937-69"><INPUT TYPE="radio" NAME="url" VALUE="http://links.jstor.org/sici?sici=0012-9682%28198907%2957%3A4%3C937%3ASRAATT%3E2.0.CO%3B2-7&origin=repec" checked><B>File URL:</B> <span style="word-break:break-all">http://links.jstor.org/sici?sici=0012-9682%28198907%2957%3A4%3C937%3ASRAATT%3E2.0.CO%3B2-7&origin=repec</span><BR><B>File Function:</B> full text<BR><B>Download Restriction:</B> Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.<BR> <font size="+2" color="red">---><INPUT TYPE="SUBMIT" class="btn fa" VALUE="Download the selected file " style="color:white;background-color:#2d4e8b;"><---</font></FORM><P>As the access to this document is restricted, you may want to look for a different version below or <A HREF="/cgi-bin/htsearch2?q=%22Substitution++Risk+Aversion++and+the+Temporal+Behavior+of+Consumption+and+Asset+Returns++A+Theoretical+Framework%22" rel="nofollow">search</A> for a different version of it. <h2>Other versions of this item:</h2> <div class="publishedas"><UL><LI class="list-group-item downgate"> Larry G. Epstein & Stanley E. Zin, 2013. "<B><A HREF="https://ideas.repec.org/h/wsi/wschap/9789814417358_0012.html">Substitution, risk aversion and the temporal behavior of consumption and asset returns: A theoretical framework</A></B>," <A HREF="https://ideas.repec.org/s/wsi/wschap.html">World Scientific Book Chapters</A>, in: Leonard C MacLean & William T Ziemba (ed.), <A HREF="/b/wsi/wsbook/8557.html">HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I</A>, chapter 12, pages 207-239, World Scientific Publishing Co. Pte. Ltd.. </UL></div><div class="otherversion"><UL><LI class="list-group-item downnone"> Larry G. Epstein & Stanley E. Zin, 1987. "<B><A HREF="https://ideas.repec.org/p/qed/wpaper/699.html">Substitution, Risk Aversion and the Temporal Behaviour of Consumption and Asset Returns I: A Theoretical Framework</A></B>," <A HREF="https://ideas.repec.org/s/qed/wpaper.html">Working Paper</A> 699, Economics Department, Queen's University. </UL></div> </div> <div class="tab-pane fade" id="more" role="tabpanel" aria-labelledby="more-tab"> <H2> More about this item</H2><h3>Lists</h3> This item is featured on the following <A HREF="/k/">reading lists</A>, Wikipedia, or <A HREF="https://replication.uni-goettingen.de/">ReplicationWiki</A> pages: <OL> <LI><A HREF="/k/eclogic.html#repec:ecm:emetrp:v:57:y:1989:i:4:p:937-69">Economic Logic blog</A> </OL> <h3>Statistics</h3> <A HREF="http://logec.repec.org/scripts/paperstat.pl?h=RePEc:ecm:emetrp:v:57:y:1989:i:4:p:937-69">Access and download statistics</A> </div> <!-- placeholder usernotes tab--> <div class="tab-pane fade" id="correct" role="tabpanel" aria-labelledby="correct-tab"> <h2>Corrections</H2> <P>All material on this site has been provided by the respective publishers and authors. 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