Persistent Identifier
|
doi:10.11588/data/10009 |
Publication Date
|
2014-06-24 |
Title
| Higher Order Risk Attitudes, Demographics, and Financial Decisions [Dataset] |
Author
| Noussair, Charles N.
Trautmann, Stefan T. (Alfred-Weber-Institute of Economics)
Kuilen, Gijs van de |
Point of Contact
|
Use email button above to contact.
Trautmann, Stefan T. (Alfred-Weber-Institute of Economics) |
Description
| We study the prevalence of the higher order risk attitudes of prudence and temperance in an experiment with a large demographically representative sample of participants. Under expected utility, prudence and temperance are defined by a convex first, and concave second, derivative of the utility function, a nd have direct implications for saving behavior and portfolio choice. In the experiment, participants make pairwise choices that distinguish prudent from imprudent, and temperate from intemperate, behavior. We correlate individuals' risk aversion, prudence, and temperance levels to their demographic profiles and their financial decisions outside the experiment. We observe that the majority of individuals' decisions are consistent with risk aversion, prudence, and temperance. Prudence is positively correlated with saving, as predicted by precautionary saving theory. Temperance is negatively correlated with the riskiness of portfolio choices. |
Subject
| Social Sciences |
Keyword
| Prudence
Temperance
Experiment |
Topic Classification
| C91 (JEL) http://www.aeaweb.org/econlit/jelCodes.php
C93 (JEL) http://www.aeaweb.org/econlit/jelCodes.php
D14 (JEL) http://www.aeaweb.org/econlit/jelCodes.php
D81 (JEL) http://www.aeaweb.org/econlit/jelCodes.php
E21 (JEL) http://www.aeaweb.org/econlit/jelCodes.php |
Related Publication
| Noussair, CN, ST Trautmann, and G van de Kuilen. 2014. „Higher Order Risk Attitudes, Demographics, and Financial Decisions“. In REVIEW OF ECONOMIC STUDIES, 81:325–55. OXFORD: OXFORD UNIV PRESS. doi:10.1093/restud/rdt032. http://dx.doi.org/10.1093/restud/rdt032 |
Producer
| Noussair, Charles N.
Trautmann, Stefan T. (Alfred-Weber-Institute of Economics)
Kuilen, Gijs van de |
Production Date
| 2010 |
Production Location
| Tilburg, The Netherlands |
Distributor
| HeiDATA: Heidelberg Research Data Repository (University of Heidelberg) http://heidata.uni-heidelberg.de |
Deposit Date
| 2014-06-16 |
Date of Collection
| Start Date: 2009 ; End Date: 2010 |
Data Type
| Survey data, as well as experimental choices among risky lotteries with real monetary |
Other Reference
| Partially available at: http://restud.oxfordjournals.org/content/81/1/325/suppl/DC1 |
Data Source
| new data, plus background variables available on LISS |
Documentation and Access to Sources
| LISS: see readme file for details on LISS data documentation. |