This paper explores the degree of risk aversion amonsg Australian households using panel data from the Household Income and Labour Dynamics in Australia (HILDA) Survey. Using households' share of risky assets, we test whether relative risk aversion is constant in wealth. After accounting for measurement error, we cannot reject the constant relative risk aversion (CRRA) assumption. Using a CRRA utility function, we estimate the elasticity of intertemporal substitution and infer a coefficient of relative risk aversion of 1.2 to 1.4. These findings can provide guidance for calibrating household preferences in macroeconomic models of the Australian economy. [ABSTRACT FROM AUTHOR]

中文翻译：

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澳大利亚家庭的风险规避和跨期替代弹性

本文使用来自澳大利亚家庭收入和劳动力动态 (HILDA) 调查的面板数据探讨了澳大利亚家庭的风险厌恶程度。使用家庭的风险资产份额，我们测试相对风险厌恶是否在财富中保持不变。考虑到测量误差后，我们不能拒绝恒定相对风险厌恶 (CRRA) 假设。使用 CRRA 效用函数，我们估计跨期替代的弹性并推断相对风险厌恶系数为 1.2 到 1.4。这些发现可以为校准澳大利亚经济宏观经济模型中的家庭偏好提供指导。[作者摘要]