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Financial and non-financial risk attitudes: What does it matter?
Journal of Behavioral and Experimental Finance ( IF 8.222 ) Pub Date : 2021-03-23 , DOI: 10.1016/j.jbef.2021.100494
Annarita Colasante , Luca Riccetti

In this paper we try to: (i) study the personal features of the subjects that can influence the risk attitude in financial and non-financial contexts, (ii) understand the correspondences among some behaviors in financial and non-financial choices. We start from the questionnaire used by Colasante and Riccetti (2020), that investigates how subjects take into account the first four moments of the return distribution in making risky decisions, and that collects data from a very large and heterogeneous population. We find that age and geographical location are important determinants of risk propensity in all domains. Moreover, we find that risk attitudes in financial and non-financial contexts are correlated, but correlation is far from 1, with a larger risk aversion in non-financial contexts. Therefore, there is a common underlying risk trait, but the context is also relevant. Interestingly, the financial risk propensity is positively correlated to the propensity to perform illegal activities.



中文翻译:

财务和非财务风险态度:这有什么关系?

在本文中,我们尝试:(i)研究可能在财务和非财务背景下影响风险态度的主题的个人特征,(ii)了解财务和非财务选择中某些行为之间的对应关系。我们从Colasante和Riccetti(2020)所使用的调查表开始,该调查表调查对象在做出风险决策时如何考虑收益分配的前四个时刻,并从非常庞大且异质的人群中收集数据。我们发现年龄和地理位置是所有领域风险倾向的重要决定因素。此外,我们发现金融和非金融环境中的风险态度是相关的,但相关性远非1,非金融环境中的风险规避更大。因此,存在一个共同的潜在风险特征,但是上下文也很重要。有趣的是,金融风险倾向与进行非法活动的倾向正相关。

更新日期:2021-03-30
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