The effect of saving on risk attitudes and intertemporal choices
The effect of saving on risk attitudes and intertemporal choices
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DOI：
10.1016/j.jdeveco.2016.01.001
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发表时间：
2016-05-01
影响因子：
5
通讯作者：
Sydnor, Justin
中科院分区：
文献类型：
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作者：
Carvalho, Leandro S.;Prina, Silvia;Sydnor, Justin
我们调查了获得储蓄账户是否会影响个人对金融风险和跨期权衡的选择。我们利用了一项实地试验，在基本上没有银行账户的尼泊尔村民中随机进入储蓄账户。在引入账户一年后，我们对治疗组和对照组进行了抽签选择和跨期选择任务。我们发现，在跨期选择任务中，被试更愿意承担风险，并且对实验利率的变化更有反应。关于时间折扣的结果不那么具有说服力，但表明治疗组更愿意推迟收到钱。这些结果表明，通过增加贫困家庭的冒险意愿和推迟满足感，获得正规储蓄工具对贫困家庭产生了积极的反馈循环。(C)2016爱思唯尔B.V.保留所有权利。
We investigate whether access to savings accounts affects choices individuals make about financial risk and intertemporal tradeoffs. We exploit a field experiment that randomized access to savings accounts among a largely unbanked population of Nepalese villagers. One year after the accounts were introduced, we administered lottery choice and intertemporal-choice tasks to the treatment and control groups. We find that the treatment is more willing to take risks in the lottery-choice task and is more responsive to changes in experimental interest rates in the intertemporal-choice task. The results on time discounting are less conclusive, but suggest that the treatment group is more willing to delay receiving money. These results suggest that access to formal savings devices has a positive feedback loop for poor families by increasing their willingness to take risks and to delay gratification. (C) 2016 Elsevier B.V. All rights reserved.