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来源类型Working Paper
规范类型报告
DOI10.3386/w16063
来源IDWorking 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
URLhttps://www.nber.org/papers/w16063
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/573737
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Daniel Paravisini,Veronica Rappoport,Enrichetta Ravina. Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios. 2010.
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