Recent papers have modeled the prevalence of risk-tolerance as shaped by growth, making testable predictions about the distribution of risk-tolerance across the globe. We test these predictions using a dataset containing a survey question capturing people’s risk-tolerance for representative samples from 78 countries. We find a negative between-country correlation between risk-tolerance and GDP per capita. Together with the positive within-country correlation between risk-tolerance and income, this results in a risk-income paradox. We further find a negative interaction effect of risk-tolerance and GDP on fertility. These findings provide support for endogenous-preference models of economic growth.

中文翻译：

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增长，企业家精神和风险承受力：风险-收入悖论

最近的论文对由增长形成的风险容忍度进行了建模，对全球的风险容忍度分布进行了可预测的预测。我们使用包含调查问题的数据集测试这些预测，该调查问题反映了来自78个国家/地区的代表性样本的人们的风险承受能力。我们发现，风险承受能力与人均GDP之间存在负相关关系。再加上风险容忍度与收入之间的正相关关系，这导致了风险-收入悖论。我们进一步发现风险承受能力和GDP对生育率的负面互动影响。这些发现为经济增长的内生偏好模型提供了支持。