The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The Cross‐Section of Household Preferences
Abstract
This paper estimates the cross‐sectional distribution of Epstein‐Zin preferences using the wealth and risky portfolio shares of a large panel of Swedish households. We find modestly heterogeneous risk aversion (standard deviation 0.97, median 7.50) and a meaningfully heterogeneous and right‐skewed time preference rate (TPR; standard deviation 7.31%, median 4.08%) and elasticity of intertemporal substitution (EIS; standard deviation 3.17, median 0.70). Risk aversion and the EIS are only very weakly negatively correlated. We estimate lower risk aversion for households with riskier labor income, and a higher TPR and lower EIS for households that enter our sample with low wealth.
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Cites
Down or Out: Assessing the Welfare Costs of Household Investment Mistakes
Calvet, L. E., Campbell, J. Y., & Sodini, P. (2006) · SSRN Electronic Journal · doi:10.2139/ssrn.881768 · Cited by 1,081
Self-citationThe Marginal Propensity to Consume in Heterogeneous Agent Models
Kaplan, G., & Violante, G. L. (2022) · Annual Review of Economics · doi:10.1146/annurev-economics-080217-053444 · Cited by 116
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Metadata
- Authors
- CALVET, L. E., CAMPBELL, J. Y., GOMES, F., & SODINI, P.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2026-07-23
- Volume
- 81
- Issue
- 5
- Pages
- 2773-2808
- ISSN
- 0022-1082
- 1540-6261
- Cited by
- 0
- References
- 2
- Language
- en
- Licence
- onlinelibrary.wiley.com/termsAndConditions#vor (vor)
- doi.wiley.com/10.1002/tdm_license_1.1 (tdm)
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- CALVET, L. E., CAMPBELL, J. Y., GOMES, F., & SODINI, P. (2026). The Cross‐Section of Household Preferences. The Journal of Finance. https://doi.org/10.1111/jofi.70067
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
