Are Risk Attitudes Fixed Factors or Fleeting Feelings?
We investigate the stability of measured risk attitudes over time, using a 13-year longitudinal sample of individuals in the National Longitudinal Survey of Youth 1979. We find that an individual’s risk aversion changes systematically in response to personal economic circumstances. Risk aversion inc...
| Publicado en: | Journal of Labor Research Vol. 39; no. 2; pp. 127 - 150 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Springer Nature
Jun2018
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=129703670&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 129703670 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 01953613 JLR jtl: Journal of Labor Research issn: 01953613 maglogo: N pubinfo: dt: Jun2018 vid: 39 iid: 2 pid: 237 pub: Springer Nature artinfo: ui: 129703670 10.1007/s12122-018-9262-2 ppf: 127 ppct: 23 formats: fmt: – @attributes: type: T – @attributes: type: P size: 519KB tig: atl: Are Risk Attitudes Fixed Factors or Fleeting Feelings? aug: au: Cho, Insoo Orazem, Peter F. Rosenblat, Tanya affil: Graham School of Business, Department of Economics, York College of Pennsylvania, 17403, York, PA, USA Department of Economics, Iowa State University, 267 Heady Hall, 50011, Ames, IA, USA School of Information, University of Michigan, 4332 N Quad, 48109, Ann Arbor, MI, USA su: Risk aversion Employment Labor supply Unemployment Preferences (Philosophy) sug: subj: Risk aversion Employment Labor supply Unemployment Temporary Help Services Preferences (Philosophy) keyword: D00 D8 Measurement error Stability Variance decomposition Within and between variance D00 D8 Measurement error Stability Variance decomposition Within and between variance ab: We investigate the stability of measured risk attitudes over time, using a 13-year longitudinal sample of individuals in the National Longitudinal Survey of Youth 1979. We find that an individual’s risk aversion changes systematically in response to personal economic circumstances. Risk aversion increases with lengthening spells of employment and time out of labor force, and decreases with lengthening unemployment spells. However, the most important result is that the majority of the variation in risk aversion is due to changes in measured individual tastes over time and not to variation across individuals. These findings that measured risk preferences are endogenous and subject to substantial measurement errors suggest caution in interpreting coefficients in models relying on contemporaneous, one-time measures of risk preferences. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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