The Effect of a Major Pandemic on Risk Preferences - Evidence from Exposure to COVID-19
The Effect of a Major Pandemic on Risk Preferences - Evidence from Exposure to COVID-19
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重大流行病对风险偏好的影响 - 来自接触 COVID-19 的证据
DOI：
10.2139/ssrn.3724461
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发表时间：
2020
期刊：
影响因子：
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通讯作者：
Johannes Seebauer
中科院分区：
文献类型：
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作者：
D. Graeber;Ulrich Schmidt;Carsten Schroeder;Johannes Seebauer
本文研究了 COVID-19 大流行对风险偏好的影响。使用大流行前一年和德国大流行前几个月（2020 年 4 月至 7 月）的实时面板数据，我们提供了强有力的证据，证明接触 COVID-19 会降低个人的风险承受能力。我们通过利用感染率的纵向和区域差异，在大流行和风险承受能力之间建立了因果关系。我们的分析表明，尤其是在受过更好教育和更富裕的受访者中，可以观察到风险厌恶程度的增加。
我们进一步提供了提示性证据，表明经济担忧、健康担忧和自我报告的健康状况在一定程度上调节了利益关系。
The present paper studies the effect of the COVID-19 pandemic on risk preferences. Using real-time panel data from the year before the pandemic and from the first few months of the pandemic in Germany (April to July 2020), we provide robust evidence that exposure to COVID-19 reduces individual risk tolerance. We establish a causal link between the pandemic and risk tolerance by exploiting longitudinal and regional variation in infection rates. Our analysis shows that increased risk aversion can be observed in particular among better educated and more affluent respondents.
We further provide suggestive evidence that economic concerns, health concerns, and self-reported health partially mediate the relationship of interest.