This paper analyzes the relationship between individuals' attitudes towards risk and their decision to migrate. We consider migration in the United States across metropolitan statistical areas (MSAs) between 1997 and 2015, based on data from the Panel Study of Income Dynamics (PSID). Using random-effects specifications, we find that being relatively more willing to take risks is positively and significantly related to cross-MSA migration. For cross-state migration and migration across larger distances, risk attitudes are slightly more important. A recursive bivariate probit model of simultaneous equations addresses the potential endogenous nature of attitudes towards risk and allows ruling out reverse causality.

中文翻译：

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风险态度和迁移决策

本文分析了个人对风险的态度与其迁移决定之间的关系。根据收入动态小组研究 (PSID) 的数据，我们考虑了 1997 年至 2015 年间美国跨大都市统计区 (MSA) 的移民。使用随机效应规范，我们发现相对更愿意承担风险与跨 MSA 迁移呈显着正相关。对于跨州迁移和跨越更远距离的迁移，风险态度稍微重要一些。联立方程的递归双变量概率模型解决了对风险态度的潜在内生性，并允许排除反向因果关系。