Determinants of Risk Aversion Over Time: Experimental Evidence from Rural Thailand
Determinants of Risk Aversion Over Time: Experimental Evidence from Rural Thailand
复制标题
DOI：
10.2139/ssrn.2785467
复制
发表时间：
2016-05
期刊：
影响因子：
--
通讯作者：
Lukas Menkhoff;Sahra Sakha
中科院分区：
文献类型：
--
作者：
Lukas Menkhoff;Sahra Sakha
我们在泰国农村使用重复的激励风险实验来测试个人风险厌恶水平随时间变化的决定因素。我们发现，由于宏观和微观层面的冲击，风险厌恶在2008年至2013年间发生了显著变化。2007/08年金融危机后强劲的宏观经济复苏使人们更加追求风险，而此后的宏观经济正常化则增加了风险规避参数。在微观层面上，我们观察到负面的经济和农业冲击增加了风险规避。对幸福和期望的主观感知也起作用，但不驱动个人风险厌恶变化的宏观-微观决定因素。
We use a repeated incentivized risk experiment in rural Thailand to test determinants of changes in the level of individual risk aversion over time. We find that risk aversion significantly changes between 2008 and 2013 as a result of macro- andmicro-level shocks. Strong macroeconomic recovery following the 2007/08 financial crisis makes people more risk-seeking, whereas macroeconomic normalization thereafter increases risk aversion parameters. On the micro-level, we observe that negative economic and agricultural shocks increase risk aversion. Subjective perceptions of well-being and expectations also play a role but do not drive the macro-micro determinants of changes in individual risk aversion.