We analyze the contribution of leisure preferences to a model of long-run risks in leisure and consumption growth. The marginal utility of consumption is affected by short- and long-run risks in leisure under nonseparable and recursive preferences. We match equity risk premia and macroeconomic moments with plausible coefficients of relative-risk aversion. Additionally, the model generates a less negative to positively sloped average real yield curve, depending on the elasticity of substitution between the consumption of nondurables and services and leisure. Further, the incorporation of leisure in utility allows us to derive model implications for the return on human capital.Received October 11, 2011; accepted December 24, 2015 by Editor Wayne Ferson.

中文翻译：

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休闲偏好，长期风险和人力资本回报

我们分析了休闲偏好对休闲和消费增长中长期风险模型的贡献。在不可分和递归的偏好下，休闲的短期和长期风险会影响消费的边际效用。我们将股权风险溢价和宏观经济时刻与相对风险厌恶的合理系数相匹配。此外，该模型根据非耐用品和服务的消费与休闲之间的替代弹性，生成了一条较小的负向正斜率的平均实际收益率曲线。此外，将休闲活动纳入效用可以使我们得出人力资本回报的模型涵义。2011年10月11日；2015年12月24日接受了Wayne Ferson编辑。