Key points are not available for this paper at this time.
Stock-Market Participation, Intertemporal Substitution, and Risk-Aversion by Annette Vissing-Jørgensen and Orazio P. Attanasio. Published in volume 93, issue 2, pages 383-391 of American Economic Review, May 2003
Vissing‐Jørgensen et al. (Tue,) studied this question.