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A Simplified Measure of Investor Risk Aversion
Journal of Interdisciplinary Economics ( IF 0.4 ) Pub Date : 2020-09-17 , DOI: 10.1177/0260107920924518
John Grable 1 , Eun Jin Kwak 1 , Martha Fulk 1 , Aditi Routh 1
Affiliation  

This article introduces a simplified measure of investor risk aversion. The singleitem question combines elements from revealed preference and propensity measurement techniques in a way that matches traditional constant relative risk-aversion estimation procedures. Based on survey data from 500 investors living in the United States, scores from the proposed measure were found to correlate with other measures of risk aversion, as well as with indicators of risk-taking. A validity test showed that answers to the proposed measure were statistically associated with equity and cash ownership holdings in respondent portfolios. The simplicity and intuitive nature of the proposed measure and the alignment of question response categories to estimates of constant relative risk aversion make this a potentially valuable addition to the toolkit of researchers, financial educators, investors and those who provide advice to investors.

JEL: C83, D10, D11, D14, D19, D81



中文翻译:

简化投资者风险规避措施

本文介绍了简化的投资者风险规避措施。单项问题以与传统的恒定相对风险规避估算程序相匹配的方式,结合了所揭示的偏好和倾向性衡量技术的要素。根据居住在美国的500位投资者的调查数据,发现拟议措施的得分与其他规避风险的措施以及承担风险的指标相关。有效性测试表明,对拟议措施的答案与受访者投资组合中的股权和现金所有权在统计上相关。拟议措施的简单性和直观性以及问题响应类别与恒定相对风险规避估计值的一致性,使其成为研究人员工具包中潜在有价值的补充,

JEL:C83,D10,D11,D14,D19,D81

更新日期:2020-09-17
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