Yun Wang
School of Economics, Renmin University of China
Mingyang Yan
The Wang Yanan Institute for Studies in Economics, Xiamen University
Yun Wang,Mingyang Yan. Past Experiences, Personality Traits, and Risk Aversion: Evidence from Individual Risk Attitudes during the COVID-19 Pandemic[J]. Front. Econ. China, 2020, 15(4): 575-625.
链接
https://journal.hep.com.cn/fec/EN/10.3868/s060-011-020-0024-4
https://journal.hep.com.cn/fec/EN/Y2020/V15/I4/575
4 摘要
Abstract: Individuals’ risk attitudes play an important role in economic decision making and policy evaluation, particularly in the midst of unprecedented uncertainty caused by the COVID-19 pandemic. We adopt a multiple-price-list elicitation method with real money incentives to measure precisely individuals’ risk attitudes at different stake levels and the extent to which they are affected by personal and social shocks following the COVID-19 outbreak in China. We find that subjects who had previously experienced negative personal shocks are more risk-averse at medium and large stakes but more risk loving at very small stakes. For our sample, COVID-19 has no significant impact on risk attitudes, as it is more likely to be regarded as a social shock. The result indicates that the impact of COVID-19 on individual risk attitudes is not as influential as expected, unless the individual’s personal life is affected directly.
过往经历、人格特征与风险厌恶:基于新冠肺炎大流行期间个体风险态度的行为经济学研究
王 云
中国人民大学经济学院
闫明扬
厦门大学王亚南经济研究院
摘要:个体的风险态度在经济决策和政策评估中起着重要作用,尤其是在新冠肺炎大流行带来史无前例的不确定性之际。我们采用带有真实金钱激励的多重价格列表法,以准确衡量个体对不同风险程度的风险态度,以及新冠肺炎疫情在中国爆发后个人及社会冲击对于他们的影响程度。我们发现,那些此前在个人生活中经历过负面冲击的个体对于中等和较大支付风险展示出更高程度的风险厌恶,但是对于较小支付风险更爱冒险。在我们的样本范围内,由于疫情大流行更多被当作社会冲击来看待,新冠肺炎疫情对于风险态度并无重大影响。这一结果表明,疫情对于个体风险态度的影响并没有预期的那样大,除非个体的个人生活受到疫情的直接影响。
5. 作者简介
王云:中国人民大学经济学院副教授,毕业于美国匹兹堡大学,研究领域为博弈论、信息设计和机制设计、行为经济学、实验经济学。曾获中国数量经济学会优秀科研成果一等奖,并获得过国家自然科学基金青年项目。最新著作:《信念、偏好与合作行为: 基于博弈论和行为经济学的视角》,中国发展出版社,2020年6月。
闫明扬 :厦门大学王亚南经济研究院经济学国际化试点班2020届毕业生,清华大学五道口金融学院产业金融研究中心实习研究助理。研究兴趣为博弈论、行为经济学、实验经济学、实证微观计量。曾入选香樟青苗计划,多次获得厦门大学学业优秀奖学金。