The Cross-Section of Household Preferences

We acknowledge helpful comments on earlier versions of this paper from Stijn van Nieuwerburgh, Jessica Wachter, Stanley Zin, and seminar participants at Arizona State University, EDHEC Business School, ENSAE-CREST, Harvard University, Imperial College London, Stanford University, the University of Michigan, the Vienna Graduate School of Finance, the 2017 American Economic Association meeting, the UCLA Anderson Fink Center Conference on Financial Markets, the 2019 FMND Workshop, the 2019 NBER Asset Pricing Summer Institute, the 2021 London Seminar on Micro and Macro Implications of Household Behaviour and Financial Decision-Making, and the 2021 NBER Big Data Conference. We thank the Sloan Foundation for financial support to John Campbell, and Azar Aliyev, Nikolay Antonov, Huseyin Aytug, Yapei Zhang and Yuhuang Sun for able and dedicated research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• data appendix

• May 11, 2021