| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16063 |
| 来源ID | Working Paper 16063 |
| Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios | |
| Daniel Paravisini; Veronica Rappoport; Enrichetta Ravina | |
| 发表日期 | 2010-06-03 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We estimate risk aversion from the actual financial decisions of 2,168 investors in Lending Club (LC), a person-to-person lending platform. We develop a methodology that allows us to estimate risk aversion parameters from each portfolio choice. Since the same individual makes repeated investments, we are able to construct a panel of risk aversion parameters that we use to disentangle heterogeneity in attitudes towards risk from the elasticity of investor-specific risk aversion to changes in wealth. In the cross section, we find that wealthier investors are more risk averse. Using changes in house prices as a source of variation, we find that investors become more risk averse after a negative wealth shock. These preferences consistently extrapolate to other investor decisions within LC. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w16063 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573737 |
| 推荐引用方式 GB/T 7714 | Daniel Paravisini,Veronica Rappoport,Enrichetta Ravina. Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16063.pdf（748KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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