Higher Order Risk Attitudes, Demographics, and Financial Decisions
Higher Order Risk Attitudes, Demographics, and Financial Decisions
复制标题
DOI：
10.1093/restud/rdt032
复制
发表时间：
2014-01-01
影响因子：
5.8
通讯作者：
van de Kuilen, Gijs
中科院分区：
文献类型：
--
作者：
Noussair, Charles N.;Trautmann, Stefan T.;van de Kuilen, Gijs
我们在一项具有大量人口代表性参与者样本的实验中研究了谨慎和节制的高阶风险态度的普遍程度。在预期效用下，谨慎和节制是由效用函数的凸函数和凹函数的导数定义的，并且对储蓄行为和投资组合选择有直接影响。在实验中，参与者做出成对的选择，以区分谨慎和轻率、温和和不节制的行为。我们将个人的风险厌恶、谨慎和节制水平与他们的人口统计资料和实验之外的财务决策联系起来。我们观察到，大多数人的决定都是出于规避风险、谨慎和节制的考虑。正如预防性储蓄理论所预测的那样，谨慎与储蓄呈正相关。节制与投资组合选择的风险呈负相关。
We study the prevalence of the higher order risk attitudes of prudence and temperance in an experiment with a large demographically representative sample of participants. Under expected utility, prudence and temperance are defined by a convex first, and concave second, derivative of the utility function, and have direct implications for saving behaviour and portfolio choice. In the experiment, participants make pairwise choices that distinguish prudent from imprudent, and temperate from intemperate, behaviour. We correlate individuals' risk aversion, prudence, and temperance levels to their demographic profiles and their financial decisions outside the experiment. We observe that the majority of individuals' decisions are consistent with risk aversion, prudence, and temperance. Prudence is positively correlated with saving, as predicted by precautionary saving theory. Temperance is negatively correlated with the riskiness of portfolio choices.