| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9589 |
| DP9589 Time Varying Risk Aversion | |
| Luigi Guiso; Luigi Zingales; Paola Sapienza | |
| 发表日期 | 2013-08-11 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We use a repeated survey of an Italian bank?s clients to test whether investors? risk aversion increases following the 2008 financial crisis. We find that both a qualitative and a quantitative measure of risk aversion increases substantially after the crisis. After considering standard explanations, we investigate whether this increase might be an emotional response (fear) triggered by a scary experience. To show the plausibility of this conjecture, we conduct a lab experiment. We find that subjects who watched a horror movie have a certainty equivalent that is 27% lower than the ones who did not, supporting the fear-based explanation. Finally, we test the fear-based model with actual trading behavior and find consistent evidence. |
| 主题 | Financial Economics |
| 关键词 | Fear Financial crisis Risk aversion |
| URL | https://cepr.org/publications/dp9589 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538425 |
| 推荐引用方式 GB/T 7714 | Luigi Guiso,Luigi Zingales,Paola Sapienza. DP9589 Time Varying Risk Aversion. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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