| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11504 |
| DP11504 Once Bitten, Twice Shy: The Role of Inertia and Personal Experiences in Risk Taking | |
| Tobin Hanspal | |
| 发表日期 | 2016-09-16 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study how inertia and personal experiences affect individual risk taking. Our research design relies on active portfolio decisions relating to inheritances to separate the effect of personal experiences from inertia, which otherwise would be observationally equivalent. Experience derives from investments in banks that defaulted following the financial crisis. We classify experiences into first-hand experiences, resulting from personal losses; second-hand experiences, from the losses of close family members; and third-hand experiences, from living in municipalities where banks defaulted. Our results demonstrate that experiences gained personally, aside from inertia or common shocks, explain substantial heterogeneity in individuals’ risk taking. |
| 主题 | Financial Economics |
| 关键词 | Experiences Inertia Risk taking Financial crisis Household finance |
| URL | https://cepr.org/publications/dp11504 |
| 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/540318 |
| 推荐引用方式 GB/T 7714 | Tobin Hanspal. DP11504 Once Bitten, Twice Shy: The Role of Inertia and Personal Experiences in Risk Taking. 2016. |
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