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assumption autarchy Bureau of Economic Canada capita endowment certainty equivalent consumption closed economy Cole and Obstfeld consumption data consumption growth rates consumption means consumption-based models correlated Economic Research equation equilibrium gain function equilibrium models equity premium equity returns equivalent consumption growth examine expected utility foreign stocks gains from diversification Gains from International high risk aversion high variances International Diversification international risk-sharing intertemporal substitution inverse Italy Japan levels of risk-aversion literature lof(C log normal distributions log-normally distributed low gains Luigi Zingales match the equity means and variances measured National Bureau Obstfeld 1994a optimal portfolio Panel partial equilibrium path permanent consumption plausible preference parameters relative risk aversion risk-adjusted growth rate risk-free rate shows significantly standard deviation stock price stock return means stock-based substitution in consumption Table time-additive U.S. stock market utility function utility parameters variance-covariance matrix variances of stock welfare costs welfare gains world equity world mutual fund world per capita